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#1372594 - 04/12/10 03:40 PM Safe Deposit Ownership Title (Need ASAP)
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
We are about to convert to a new automated safe deposit system, including new documents. Questions:
1.) Should an individual renting a box be referred to as Individual, renter, primary, or what? Would two or more renters on a box all be considered co-renters, joint or, or what? How about a box rented to a business? On an account they would be authorized signers. What are they on a safe deposit box.
2.) Our lease agreement has a field for "Renter Ownership". Based on the above situations what would you put in this area?

Thanks for any quick response.

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#1372678 - 04/12/10 05:22 PM Re: Safe Deposit Ownership Title (Need ASAP) SunnyFL, CRCM
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,449
Pulling people out of the ditc...
You might want to ask your state banking department if the titling matters.
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#1372791 - 04/12/10 07:08 PM Re: Safe Deposit Ownership Title (Need ASAP) SunnyFL, CRCM
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Florida does not have any guidance on this point; I doubt that any state does. Beyond that, you're asking for help interpreting forms that only you have read.

Two observations: 1) "Ownership" generally has nothing to do with safe deposit box operations. A customer may lease or rent a box, but he certainly does not own it. 2) If your system is allowing you to insert the labels you put on customers then use the same terms that are found in your lease or rental agreement.

People who rent safe deposit boxes are often referred to as lessees, tenants, or renters. People who have the renters' permission to enter a box, but are not a party to the contract are often referred to as deputies.
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#1372885 - 04/12/10 08:41 PM Re: Safe Deposit Ownership Title (Need ASAP) Elwood P. Dowd
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
Thanks Ken...that is basically what we decided to go with...following the terms that were used in the contract (and then some).

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