Safe Deposit Box Law and Legal Definition
A safe deposit box is the individually-secured container of a customer held in a bank vault. Safe deposit boxes are located in groups. Customers use a safe deposit box for storing valuable possessions like currency, precious metals, and documents. The bank charges a fee for this service. Customers rely on the security measures of the bank to protect his/ her valuables. Customers access the box with keys, pin numbers, or some other security measure. As the contents in a box are not known to a bank, The Federal Deposit Insurance Corporation does not provide insurance for a safe deposit box. When a customer dies without engaging an heir, on nonpayment of fees, the box is considered abandoned. The contents of the box are then transferred to the state’s unclaimed property for auction.
Legal Definition list
Related Legal Terms
- Adam Walsh Child Protection and Safety Act
- Adoption and Safe Families Act (ASFA)
- Advanced Premium Deposit
- Air Transportation Safety and System Stabilization Act
- Alcohol Boating Safety Act
- American Depositary Receipt
- American Depository Receipt
- Apex Deposition
- Application for a Deposit Facility [Banks & Banking]
- Approved Provider [Public Safety]
