Posted by ChrisseyNJ on 3/20/12 3:13pm
Msg #415482
NJ Safe Deposit Box Inventory
If you are a notary in NJ, please familiarize yourself with the statutory requirements of "safe deposit box inventory" in Title 17 of NJSA's. Additionally, there is a packet of information; including forms, codes, and instructions, "New Jersey Unclaimed Property Holder Packet."
For signing companies, you may want to vet your veteran loan signing agents and inquire if they are familiar with, or have received such specialized training. (The New Jersey Notary Association offered such specialized training in 2011 and can refer qualified agents for such assignments!)
I just spent nearly half an hour explaining to a notary (signing agent) what SDB inventory was, and where to find the information. There is no way a notary can be fully trained in a half-hour phone conversation. Your highly qualified and experienced loan signing agents may not know the first thing about SDB Inventory or how to even execute the documents that will be filed with the State.
One of my active cases involves this exact scenario! An uneducated notary attempting an obscure act without the prerequisite knowledge to do so.
|
Reply by ChrisseyNJ on 3/20/12 5:04pm
Msg #415496
Re: Hi Chrissey. This post is rather confusing.
Yeah  Thats part of the problem... little guidance for notaries in this unique stand-alone act.
Here are a few excerpts specific to ABANDONED boxes:
Such inventory, or opening, removal and inventory, shall be made **in the presence of the commissioner or of a person designated by him, and of a notary public, not an officer or employee of the bank.** The property or contents shall thereupon be *sealed by the notary public in a package *marked by him* with the name of the person in whose name such property or such space, safe vault, safe deposit box, or package stands upon the books of the bank.* *A copy of the inventory of the property therein shall be certified and attached to the package by the notary public.* (where do you read that the manager or other officer of the bank completes the inventory, places it in the sealed bag, prints a copy of the inventory for you to sign? Its not there. This has become the practice of institutions because THEY have compliance concerns for notaries doing their correctly. There are several institutions where the form is on the manager's computer-they fill it out, print it,and hand it to the notary. While I do recognize the utility of this practice, its not one I recommend (I was a bank officer for 15 years.)
And instructions for inventory for UNPAID RENTAL:
safe deposit box or receptacle is not paid within 30 days after the date of the mailing of the notice, it will have the vault, safe deposit box or receptacle *opened in the presence of one of its officers and of a notary public not in its employ, and the contents thereof, if any, placed in a sealed package by the notary public, marked by him with the name of the lessee or lessees in whose name the vault, safe deposit box or receptacle stands and the estimated value thereof*, and the package so sealed and marked will be placed in one of the general vaults, safes or boxes of the safe deposit company, bank, savings bank or savings and loan association. *The notary's proceedings shall be set forth in a certificate under his official seal, and the certificate shall be delivered to the savings and loan association, bank, savings bank or safe deposit company.* (While in this situation, it is the notary and an officer of the bank present (as opposed to a representative of the commissioner's office) but, again, who inventories the contents? the NOTARY)
The unclaimed property packet has the forms and the codes to be used, along with specialized instructions on handling knives, contraband, cash, etc. (Beginning on page 53)
Very well educated and experienced signing agents can easily run into problems with SDB inventory- its not an acknowledgement, its not a jurat. Its a stand-alone notarial act. I just hate it when cases bring this kind of stuff to light; I was retained on a case more than a year ago for failures of a notary in the SDB process. As we get close to inventory season (there are compliance deadlines for the inventory procedures in NJ) it pains me that inexperienced notaries will see dollar signs instead of liability for this act. Hence the reminder  Brush up on this stuff before you get the phone call from one of your high-volume signing companies; so you will be able to accept the assignment with confidence
|
Reply by Jack/AL on 3/20/12 4:40pm
Msg #415492
Now, I'm really confused, or at least I think I am! The original post appears to be about post office boxes. Replies are about bank safe deposit boxes, and I've heard of those, but never done it. Never heard of PO Box notarizing, but am not saying there could not be such an animal.
"What is involved in notarizing P.O. Box openings and
what is the going rate per box. Received a call in reference to this."
|
Reply by ME/NJ on 3/20/12 7:53pm
Msg #415527
Been doing BOA boxes for last 7 years
Season runs from March till June, I would not schedule anything else for the day because sometimes these SD Boxes can take all day if they have items in it.
Starting getting other Banks last year, always pray when the locksmith breaks open the box. Plus if you get one of these jobs always ask how many boxes are scheduled to be opened, the locksmith makes a big difference on time a good one is in a box in ten minutes and a bad one can take a half hour on one box.
|
