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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

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  362.487.  Joint renters of safe deposit boxes authorized — surviving joint renter opens box, lessor's option not required to be present. — 1.  Any bank or trust company doing a safe deposit business and any safe deposit company owned by a bank or trust company may enter into a lease under which a safe deposit box is rented in the names of two or more persons, whether residents or nonresidents of this state, as joint renters.  If the lease provides that one or more of such persons, or the survivor thereof, has access and entry to the box and the right to remove the contents whether the other renter or renters are living, mentally incapacitated or dead, the bank, trust company, or safe deposit company so renting the box, or upon the premises of which the box is located, shall not be liable for the removal of any of the contents of the box by the survivors thereof.  No presumption of ownership of the contents of any such box shall be deemed to be created by the rental contract.

  2.  Notwithstanding any other provision of law to the contrary, there is no presumption that the lessor has custody of a will when the will is held in a jointly rented safe deposit box.  At the lessor's option, the lessor's officers and employees are not required to be present when the jointly rented safe deposit box is accessed by the surviving joint renter.

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(L. 1975 S.B. 141 § 1, A.L. 1977 S.B. 420, A.L. 1981 S.B. 28, A.L. 1983 S.B. 44 & 45, A.L. 1994 H.B. 1312)


---- end of effective   28 Aug 1994 ----

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