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Can you summarize 45 TNCO Chapter 2, Part 9?
Banking Institutions > Safe Deposit and Safekeeping
Short Summary
This legal document governs the authority of banks to engage in leasing safe deposit facilities and clarifies their liability in case of loss or damage to the deposited property. It defines key terms such as ‘agent’, ‘fiduciary’, ’lessee’, and ’lessor’. The document specifies that the bank is not liable for any loss of valuables in the safe deposit box due to theft, robbery, fire, or any other cause, and is not responsible for the safety of the property. The person renting the safe deposit box becomes the owner for the term of the lease, and the relationship between the bank and the renter is that of bailor and bailee. The bank can be held liable for loss or damage to the bailed property if it fails to provide a level of care commensurate with that of banks in similar communities. The document also outlines the procedures for accessing safe deposit boxes upon the death of a lessee, the handling of adverse claims to the contents of a safe deposit box or property held in safekeeping, and the special remedies for nonpayment of rent for safe deposit boxes.
Whom does it apply to?
Banks and subsidiary corporations renting safe deposit facilities, safe deposit companies organized solely for leasing safe deposit facilities
What does it govern?
The use of safe deposit boxes and the safekeeping of property or documents in banks
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Tennessee