§ 28-6.1-6-16 — Receiving personal property for deposit

Indiana § 28-6.1-6-16

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 6: General Powers of a Savings Bank

Text

(a) A savings bank may do the following:
(1) Receive upon deposit for safekeeping or in escrow, money,
bonds, mortgages, jewelry, plate, stock, securities, valuable
papers of any kind, and other personal property.
(2) Lease receptacles for safe deposits of personal property.
(b) The savings bank may prescribe terms and conditions not
inconsistent with this section for the receiving or leasing authorized by
subsection (a).
(c) A savings bank or any of the savings bank's assets are not liable
for the value of any property received by the savings bank under the
power conferred by this section or for damages for the loss, theft, or
misappropriation of the property.
(d) A savings bank may procure and carry insurance for the benefit
of the owners of property received by the savings bank under the power
conferred by this section.

Legislative History

As added by P.L.42-1993, SEC.72.