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Can you summarize 11 CORS Article 105, Part 5?
BANKING PRACTICES > SAFE DEPOSIT AND SAFEKEEPING FACILITIES
Short Summary
The provided legal document, part of the Colorado Banking Code, governs the rules and regulations regarding safe deposit boxes and safekeeping facilities. It applies to banks, trust companies, lessors of safe deposit boxes, and individuals or entities using safe deposit boxes or seeking safekeeping services. The document outlines that a bank may maintain and lease safe deposit boxes and accept property for safekeeping, provided it issues a receipt. Additionally, a bank may own stock in a safe deposit company located in the same community, not exceeding fifteen percent of its capital and surplus, with at least ninety percent of the stock owned by banks or trust companies. The document also specifies the conditions under which access to a safe deposit box may be allowed for fiduciaries, such as executors, administrators, and authorized agents. It further states that a lessor may lease a safe deposit box to a minor and treat them as a person of full legal capacity unless a guardian or conservator is appointed and directs otherwise. In case of the death of a lessee, the provisions of section 15-10-111, C.R.S., apply. The document clarifies that an adverse claim to the contents of a safe deposit box is not sufficient reason for the lessor to deny access to the lessee, unless certain conditions are met, such as a court order or suspicion of misappropriation by a fiduciary. It also addresses scenarios where a claim is considered adverse, such as when a lessee claims exclusive right of access contrary to the lease terms or when it is claimed that a lessee is the same person using another name. Furthermore, the document states that the lessor of a safe deposit box is not considered to be in possession or control of the contents for the purposes of certain statutes or rules pertaining to writs of garnishment. Lastly, it mentions that every lessor, except a bank or its subsidiary, is required to pay annual fees to the division of banking for regulating such lessor.
Whom does it apply to?
Banks, trust companies, lessors of safe deposit boxes, and individuals or entities using safe deposit boxes or seeking safekeeping services
What does it govern?
Rules and regulations regarding safe deposit boxes and safekeeping facilities
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Colorado