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Can you summarize OHRC Section 1109.08?
State Banks - Powers > Safes, vaults, safe deposit boxes, night depositories.
Short Summary
This legal document, found in the Ohio Revised Code under the section for Banks-Savings and Loan Associations, specifically State Banks - Powers, governs the provision of safes, vaults, safe deposit boxes, and night depositories by banks to their customers. It allows banks to offer these secure receptacles to customers under terms and conditions set by the bank. Additionally, the document permits banks to receive tangible property and evidence of tangible or intangible property for safekeeping using their own secure receptacles, those of another bank or safekeeping agent, or through recognized title or registration systems. It is important to note that unless agreed to in writing by the bank, this document does not create a bailment between the customer and the bank.
Whom does it apply to?
Banks and their customers
What does it govern?
Safes, vaults, safe deposit boxes, night depositories
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Ohio