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Can you summarize MORS 362.488?
Banks and Trust Companies > Death of lessee, duties of lessor additional duties by contract.
Short Summary
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, outlines the additional duties of a lessor in the event of the death of a lessee in a safe deposit box rental. The lessor, as per the contract, may open the safe deposit box in the presence of interested parties, remove testamentary instruments and deposit them with the probate division of the circuit court, deliver life insurance policies to beneficiaries, and deliver burial instructions and cemetery deeds to appropriate parties. The lease agreement must state that the lessor retains the right to open the safe deposit box upon the death of any lessee. If no one claims interest in the contents of a box within sixty days after the lessee’s death, the lessor may forcibly open the box and dispose of the contents according to specified procedures. Additionally, upon request from the probate division of the circuit court, the lessor must inform if the deceased person was a lessee of a safe deposit box.
Whom does it apply to?
Lessors and lessees of safe deposit boxes
What does it govern?
Duties of lessor in the event of the death of lessee in a safe deposit box rental
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri