N.Y. Banking Law § 337: Sale of safe deposit business

§ 337. Sale of safe deposit business. Subject to the provisions of

subdivision eight of section six hundred five of article thirteen of

this chapter, any banking organization or foreign banking corporation

may, with the approval of the superintendent, sell to another banking

organization, foreign banking corporation or national banking

association authorized to conduct the business of renting safe deposit

boxes, all or any part of its safe deposit business, and upon at least

thirty days notice in writing to the lessees of the safe deposit boxes

so sold, such safe deposit boxes may be delivered to the possession of

such purchasing banking organization, foreign banking corporation or

national banking association and thereupon, except for claims against

the selling banking organization or foreign banking corporation asserted

in writing prior to such delivery, the obligations and rights of the

selling banking organization or foreign banking corporation upon the

leases relating thereto shall be deemed to be assumed by the purchasing

banking organization, foreign banking corporation or national banking

association as a successor in interest of the selling banking

organization or foreign banking corporation and the selling banking

organization or foreign banking corporation shall be discharged from

liability in respect thereof. Any lessee of a safe deposit box, upon

receipt of a notice in writing of the proposed sale of such safe deposit

box by a banking organization or foreign banking corporation, may

terminate his lease therefor by removing the contents therefrom and

surrendering such safe deposit box to the banking organization or

foreign banking corporation prior to the date fixed in such notice for

the delivery of such safe deposit box to the purchasing banking

organization, foreign banking corporation or national banking

association and thereupon such lessee shall be entitled to a refund of

the unearned rent, if any, paid by such lessee to the selling banking

organization or foreign banking corporation.