Section 4.05 - Tangible Property(1)Reporting of Contents of Safe Deposit Boxes and Other Tangible Property The contents removed from any safe deposit box pursuant to M.G.L. c. 158, § 17, and M.G.L. c. 171, c.75, and any other tangible property delivered to the Division pursuant to M.G.L. c. 200A, shall be placed in packages approved by the Division. It shall be the responsibility of any holder that delivers the contents of safe deposit boxes and any other tangible property to the Division to separate any lessee's tangible property from his/her intangible property and label packages containing each type of property accordingly. All contents of safe deposit boxes shall be sent to the Division "as is" and shall not be replaced or converted to any other form of currency or legal tender by the bank or credit union. For example, no coins shall be converted to cash or check before delivery to the Division and no old paper money shall be replaced by newer currency.(2)Inventory Sheet. All items removed from a safe deposit box pursuant to M.G.L. c. 158, § 17, and M.G.L. c. 171, § 75, and all other tangible property delivered to the Division shall be listed on an inventory sheet approved by the Division, which is to be distributed to all banks and credit unions and other holders of tangible property. Such sheet shall, in addition to listing the name of the lessee(s) or owner(s) and his/her last known address and Social Security number, indicate, in the case of safe deposit boxes, the bank and branch of origin where the safe deposit box is located, along with the date the safe deposit box was opened. The original of such sheet shall be placed in the package along with the contents of the safe deposit box or other tangible property being delivered to the Division. Additionally, one copy of the sheet shall be affixed to the exterior of the package and one copy shall be retained by the bank, credit union or other holder of tangible property for a period of six years from the date the package is delivered to the Division.(3)List of Owners. Each bank or credit union which delivers the contents of safe deposit boxes to the Treasurer and other holders of tangible property shall, for each report year in which tangible property is delivered to the Division, make a list of all owners whose property has been delivered to the Division, along with the owners' last known addresses, Social Security numbers and safe deposit box numbers (if applicable), and include this list with the AP-1 report it files with the Division.(4)Reporting of Tangible Property. Each bank or credit union which delivers the contents of safe deposit boxes to the Division shall prepare a separate AP-1 Form for tangible and intangible property.(5)Auctions of Tangible Property.(a) All contents of safe deposit boxes delivered to the Division pursuant to M.G.L.c. 158, § 17, and M.G.L. c. 171, § 75, and the provisions of c. 200A, and other tangible property delivered to the Division, shall be held by the Division for not less than one year from the date of receipt before being deemed eligible for auction pursuant to M.G.L. c. 200A, § 9.(b) All owners of tangible property whose names and last-known addresses have been remitted to the Division shall be sent a due diligence letter from the Division and shall be listed in the "notice of names of persons appearing to be owners of abandoned property" published by the Division pursuant to M.G.L. c. 200A, § 8(a).(c) All contents of safe deposit boxes which are determined by the Treasurer to have some commercial value, having been held by the Division for not less than one year, and having remained unclaimed following the due diligence efforts and public advertisement provisions listed above, shall be deemed eligible for auction by the Division. Such property shall be appraised and sold at public auction, at a place and time to be determined by the Treasurer.(d) Any tangible property delivered to the Treasurer pursuant to the provisions of 960 CMR 4.20 for which a claim form has been issued pursuant to 960 CMR 4.16, shall be eligible for auction under the provisions of 960 CMR 4.24 if such property is not returned to the claimant with in one year of the date on which a claim form was issued for the property.(6)Auction Previews. The Division may hold as many public previews of the property for sale at any auction held under the provisions of 960 CMR 4.05(6) as it deems necessary and desirable and shall be responsible for the safety and security of all property publicly displayed.(7)Ineligibility to Purchase Property at Auction.(a) The following persons are ineligible to participate in any public auction of the contents of safe deposit boxes and other tangible property held by the Division:1. any employee of the Division and/or member of his or her immediate family;2. any person(s) participating in the supervision of property displayed at Auction Previews per 960 CMR 4.05(6);3. any person(s) employed by the Division to appraise tangible property;4. any person(s) employed by the Division to conduct an auction of tangible property.(8)Disposition of Auction Proceeds. All net proceeds of any auction held under the auspices of M.G.L. c. 200A, § 9, shall be directly deposited into the Abandoned Property Trust Fund, in accordance with 960 CMR 4.03(3).(9)Disposal of Tangible Property Not Subject to Auction.(a) Any tangible property, but especially paperwork, which has been determined to have insubstantial commercial value and which has not been selected for auction shall, subject to the discretion of the Division, be destroyed no later than six months after any auction at which the property would have been eligible to have been included, provided that this action shall not conflict with the provisions of M.G.L. c. 66, § 8.(b) If any tangible property delivered to the Division is subject to the provisions of M.G.L. c. 140 regarding firearms, this property shall be turned over to the State Police by the Division for disposal or other disposition in accordance with law.(10)Disposition of Armed Service Medals. Medals awarded for military service in the armed forces of the United States shall not be subject to auction under the provisions of 960 CMR 4.05(5). Rather, the Division shall contact an appropriate state or federal governmental veterans agency for assistance in reuniting these medals with their rightful owners or heirs.