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#279559 - 11/24/04 05:10 PM Safe deposit box rules for MA
K8T Offline
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K8T
Joined: Sep 2003
Posts: 196
I have fallen down the rabbit ...
Does MGL have any specific rules for SDB's except for reference to will searches?

Thanks in advance for your help.
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#279560 - 11/24/04 08:38 PM Re: Safe deposit box rules for MA
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Section 17 of MGL Ch. 158 deals with opening boxes for non payment
209 CMR 30 requires a notice concerning insurance coverage in lease agreements and rent bills.
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#279561 - 11/24/04 09:39 PM Re: Safe deposit box rules for MA
K8T Offline
100 Club
K8T
Joined: Sep 2003
Posts: 196
I have fallen down the rabbit ...
Thanks John, I found that section!
Cheers!
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#2003863 - 03/25/15 01:45 PM Re: Safe deposit box rules for MA K8T
Roxanna Cook Offline
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Joined: Mar 2015
Posts: 1
Looking for Rules and Regulations for Safe Deposit Box in Massachusetts. Also samples of Contracts

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#2008582 - 04/16/15 07:08 PM Re: Safe deposit box rules for MA K8T
MtnHiker Offline
Member
Joined: Dec 2014
Posts: 86
New England
I have a question... I didn't see anything in the section you linked to, John. I'm wondering if MGL or any other reg covers what happens to a safe deposit box when a person is expelled from the institution and they do not come in to empty/close the box.

I'm wondering if we would be required to keep the SDB "on the books" until it has been overdue for a year and then follow the provisions of MGL Ch 158 S 17, or whether expulsion allows for an abbreviated process to close the box?
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#2008821 - 04/17/15 06:21 PM Re: Safe deposit box rules for MA K8T
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Massachusetts laws are silent on a lot of safe deposit questions. In your case, MtnHiker, your safe deposit box rental agreement is probably where there ought to be a provision covering non-depositor rentals. I suggest you talk with bank counsel about reviewing the contract and seeing whether there's a way to add language that gives the bank the right to terminate a lease by a nondepositor following a contractual notice period (for argument's sake, let's say you'd have to provide 30 days' notice to empty the box and surrender the keys, following which you'd provide a pro rata refund of any prepaid rent.
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#2008832 - 04/17/15 06:59 PM Re: Safe deposit box rules for MA K8T
MtnHiker Offline
Member
Joined: Dec 2014
Posts: 86
New England
Thanks John, I was thinking along the lines it would have to be spelled out in the contract language. I wasn't sure whether there was any type of regulatory limit to that that language could be. Thanks for a poke in the right direction.
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