What would be proper procedure if owners of a Safe Deposit box pass away and there are rumors of cash being in the lock box? The deceased were in a nursing home. There was a new court appointed conservator for the deceased and they will be able to have access to the box. Is the bank required to do anything at this point?

Regardless of what is or is not in the box, you must comply with state law regarding who can access the box and under what circumstances. If the rent becomes delinquent the bank should follow its notification and drilling procedures and retain any contents for safekeeping under dual control.

This should all be governed under your lease agreement and state law (which varies by state). If you are not sure how state law governs your obligations, consult legal counsel.

Devil's advocate: would your question be any different if there weren't rumors of cash being in the lock box?

No. I act based on what state law and my account agreement requires. I do not act on rumors.

every bank i've ever worked at, every deceased SDB owner had everything from the Crown Jewels to Krugerands to stolen WW2 art in their boxes...if rumors were to be believed.

but we simply follow state law and our contractual agreement states in dealing with these, regardless of the content.

oh, and rarely is the rumor true...