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Can you summarize KSST Chapter 9, Article 15?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; SAFE DEPOSIT BOX RENTAL
Short Summary
The provided legal document content governs the rental and management of safe deposit boxes. It applies to both the lessors (banks, trust companies, safe deposit companies) and the lessees (renters) of safe deposit boxes. The document outlines the procedures to be followed upon the death of a lessee, including the disclosure of whether a designated person was the lessee at the time of death. It also specifies the process for opening the safe deposit box, disposing of its contents, and delivering them to the parties legally entitled to them. Additionally, the document addresses the creation of joint tenancy in safe deposit boxes and the rights of the lessees in such cases. The legal document also covers the default of lessees, notice requirements, and the disposition of contents in the context of safe deposit box rental. It outlines the lessor’s lien on the contents of the box for rental payment and the conditions under which the lessor may enter the box, remove and sell the contents to recover unpaid rent or expenses. The document specifies the notice requirements, the presence of two employees during the opening of the box, and the retention and sale of the contents. It also mentions the lessor’s liability for the acts of its officers and employees. Furthermore, the document establishes the lessor-lessee relationship and the possession of the safe deposit box and its contents. It allows the lessor to limit its liability through provisions in the lease agreement but holds the lessor liable for the failure to exercise ordinary care by its officers and employees. The document also mentions the ability of banks, trust companies, or safe deposit corporations to maintain safe deposit boxes for rent and their authority to prescribe entry hours and require the use of a preparation or guard key for security purposes. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Lessors (banks, trust companies, safe deposit companies) and lessees (renters) of safe deposit boxes
What does it govern?
Safe deposit box rental
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Kansas