§ 524.809 — Authority to lease safe deposit boxes

Iowa § 524.809

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

1. A state bank may lease safe deposit boxes for the storage of property on terms and
conditions prescribed by the state bank. The terms and conditions shall not bind a customer
or the customer’s successors or legal representatives to whom the state bank does not give
noticeofsuchtermsandconditionsbydeliveryofaleaseandagreementinwritingcontaining
the terms and conditions. A state bank may limit its liability provided such limitations are set
forth in the lease and agreement in at least the same size and type as the other substantive
provisions of the lease and agreement.
2. The lease and agreement of a safe deposit box may provide that evidence tending to
prove that property was left in any such box upon the last entry by the customer or the
customer’s authorized agent, and that the same or any part thereof was found missing upon
subsequent entry, shall not be sufficient to raise a presumption that the same was lost by any
negligence or wrongdoing for which such state bank is responsible, or put upon the state
bank the burden of proof that such alleged loss was not the fault of the state bank.
3. A state bank may lease a safe deposit box to a minor. A state bank may deal with a
minor with respect to a safe deposit lease and agreement without the consent of a parent,
guardian or conservator and with the same effect as though the minor were an adult. Any
action of the minor with respect to such safe deposit lease and agreement shall be binding on
the minor with the same effect as though an adult.
4. A state bank which has on file a power of attorney of a customer covering a safe deposit
lease and agreement, which has not been revoked by the customer, shall incur no liability as a
result of continuing to honor the provisions of the power of attorney in the event of the death
or incompetence of the donor of the power of attorney until it receives written notice of the
death, or written notice of adjudication by a court of the incompetence of the customer and
the appointment of a guardian or conservator.

Legislative History

[C31, 35, §9267-c1; C39, §9267.1; C46, 50, 54, 58, 62, 66, §528.65; C71, 73, 75, 77, 79, 81, §524.809]