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Can you summarize MORS 362.487?
Banks and Trust Companies > Joint renters of safe deposit boxes authorized surviving joint renter opens box, lessor's option not required to be present.
Short Summary
This legal document governs the lease of safe deposit boxes by banks, trust companies, and safe deposit companies. It allows these entities to enter into leases for safe deposit boxes rented in the names of two or more persons as joint renters. If the lease provides that one or more of the joint renters, or the survivor thereof, has access and entry to the box and the right to remove the contents, the entity renting the box shall not be liable for the removal of any contents by the survivors. The document also clarifies that there is no presumption that the lessor has custody of a will when it is held in a jointly rented safe deposit box. Additionally, it states that, at the lessor’s option, the lessor’s officers and employees are not required to be present when the jointly rented safe deposit box is accessed by the surviving joint renter.
Whom does it apply to?
Banks, trust companies, and safe deposit companies that offer safe deposit box rentals
What does it govern?
Lease of safe deposit boxes and access to their contents
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri