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#619860 - 09/29/06 02:17 PM Safe Deposit Box Appointment of Deputy
chgogal Offline
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chgogal
Joined: Mar 2003
Posts: 71
Illinois
The safe deposit box lease we use allows the appointment of a deputy, but the language offers the option to choose whether the appointment is intended or not intended to continue upon disability, incapacity, or incompetence, of the lessee. We'd like to remove that option from the lease and leave it as "intended", but wondered if there might be a state law issue. Also, just wanted to confirm, does the deputy still have the right of access upon the owner's death, or does it cease upon death like a POA?
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#619861 - 10/09/06 07:45 PM Re: Safe Deposit Box Appointment of Deputy
Dave M_TCA Offline
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Dave M_TCA
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The lease is your contract to modify as you see fit. Our lease has no such choice available. However, unless you notify everyone, it would only be going forward. Our lease states that any changes are effective 30 days after mail changes to the Lessee.

Our lease states that the death of the lessee revokes the deputy appointment in the case of an individual box, if more than one lessee, the appointment continues unless/until all lessees are deceased.
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#619862 - 10/13/06 07:30 PM Re: Safe Deposit Box Appointment of Deputy
chgogal Offline
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chgogal
Joined: Mar 2003
Posts: 71
Illinois
Thanks for the reply!
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#619863 - 10/14/06 12:53 PM Re: Safe Deposit Box Appointment of Deputy
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
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Your contract language is attempting to reflect the concept in the Illinois Durable Power of Attorney Statute to the effect that even though the principal may be disabled, if the contract contains the right language, the agent may still act on the principal's behalf as long as the principal is alive. Adding the "durable" feature to any agency relationship makes it easier for the bank to be certain that the agent has not lost his power to act on behalf of the principal.

Any agency terminates upon the death of the principal; an attorney-in-fact or a deputy named in a lease has no right of access to a safe deposit box after the principal's death.

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#619864 - 10/16/06 06:50 PM Re: Safe Deposit Box Appointment of Deputy
chgogal Offline
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chgogal
Joined: Mar 2003
Posts: 71
Illinois
and, thank you, Ken!
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