Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) A bank may provide safes, vaults, safe deposit boxes, night depositories, and other secure receptacles for the uses, purposes, and benefits of its customers, on the terms and conditions the bank prescribes.
(B) A bank may, on the terms and conditions the bank prescribes, receive tangible property and evidence of tangible or intangible property for safekeeping using any of the following:
(1) The bank's safes, vaults, and other secure receptacles;
(2) The safes, vaults, and other secure receptacles of another bank or of a safekeeping agent or custodian that is qualified under rules adopted by the superintendent of financial institutions;
(3) The bank's own safekeeping system or the safekeeping system of another bank or of a safekeeping agent or custodian that is qualified under rules adopted by the superintendent;
(4) A recognized title or registration system, on the terms and conditions the bank prescribes.
(C) Unless agreed to in writing by the bank, nothing in this section creates a bailment between a customer and the bank.