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Can you summarize MORS 362.485?
Banks and Trust Companies > Special remedies available to banks doing a safe deposit business.
Short Summary
This legal document provides special remedies for banks and trust companies engaged in a safe deposit business, as well as safe deposit companies owned by banks or trust companies. The document states that when a company receives personal property as a bailee and issues a receipt, it is considered a warehouseman, subject to existing statutes and laws affecting warehousemen. The company has a lien on the deposit or its proceeds, enforceable in the same manner as warehousemen. Additionally, the lessor of a safe deposit box has a lien on its contents for rental. If the lessee fails to pay the rent within thirty days, the lessor can forcibly open the box and remove the contents after giving written notice. The lessor must retain the contents for at least ninety days and may sell them at public sale to recover the rental, opening and repair costs, and sale costs. If the lessee fails to surrender possession of the box within thirty days after the lease termination, the lessor can forcibly open the box, remove the contents, and sell them after giving written notice. Any remaining balance is disposed of according to the provisions of sections 447.500 to 447.595.
Whom does it apply to?
Banks and trust companies doing a safe deposit business, and safe deposit companies owned by a bank or trust company
What does it govern?
Special remedies available to banks doing a safe deposit business
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri