Licenses in Safekeeping A license which is discontinued for any reason is surrendered to the Board for safekeeping. The Board holds the license until the licensee resumes business or the license is transferred to a new owner. The license may be placed in safekeeping for up to 60 days. A request must be made by the licensee to remove the license from safekeeping. After 60 days the Board may deem the license abandoned after giving notice to the licensee. The licensee has 14 days to respond to the Board's notice to request continued safekeeping. The Board may extend the period of safekeeping beyond 60 days for reasonable cause such as: Fire, flood, other natural disaster Rebuilding or reconstruction Completion of the sale transaction