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Can you summarize MDCM Fin. Inst., Title 12, Subtitle 6?
Short Summary
This legal document provides definitions for key terms related to safe-deposit boxes and safe-deposit companies. It states that a safe-deposit box is a locked box or safe used by another person for the storage or safekeeping of property, and a safe-deposit company is a person engaged in the business of renting safe-deposit boxes to others. The document also specifies the access rights to safe-deposit boxes rented by fiduciaries. It states that a safe-deposit company may not permit access to the safe-deposit box by any person other than the fiduciary, and if the safe-deposit box is rented to multiple fiduciaries, access must be granted by all fiduciaries in person. However, the safe-deposit company may allow access to the safe-deposit box by individuals authorized by all fiduciaries or by the remaining fiduciaries, as long as there is a rental agreement, written power of attorney, or other written authority signed by each fiduciary and filed with the safe-deposit company. The document also addresses the situation where a lessee of a safe-deposit box dies and a person wishes to open the box to search for the lessee’s will. It states that a representative of the safe-deposit company must be present when the box is opened in such cases. Additionally, the document covers the liability of safe-deposit companies for any loss resulting from their negligence. It allows safe-deposit companies to limit their total liability for such losses to a maximum amount, which must be at least 500 times the annual rental charged for the safe-deposit box. The document also permits safe-deposit companies to exclude liability for the loss of specified items, and it clarifies that the company is not presumed responsible for any loss or burdened with proving that the loss was not its fault if an item was left in a safe-deposit box and subsequently went missing upon the customer’s entry. Overall, this document establishes the rights and responsibilities of safe-deposit companies, fiduciaries, and customers in Maryland regarding safe-deposit boxes.
Whom does it apply to?
This document applies to safe-deposit companies, fiduciaries, individuals authorized by fiduciaries, and customers of safe-deposit companies in Maryland.
What does it govern?
This legal document governs the regulations and requirements related to safe-deposit boxes and safe-deposit companies in Maryland.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Maryland