Missouri Laws 369.192 – Remedies in enforcement of liabilities and right of renters of safe deposit ..
Every association doing a safe deposit business shall be entitled to the following special remedies in enforcing the liabilities and rights of depositories or lessors and of renters or lessees of boxes:
(1) Whenever such association doing a safe deposit business receives personal property upon deposit, as bailee, and issues a receipt therefor, it is a warehouseman as to this property, and all existing statutes and laws affecting warehousemen shall apply to these deposits, and the association shall have a lien on the deposit or the proceeds thereof to the same extent and with the same effect, and enforceable in the same manner, as provided by law with reference to warehousemen;
Terms Used In Missouri Laws 369.192
- Association: a savings and loan association or a savings association subject to the provisions of this chapter. See Missouri Laws 369.014
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes real and personal property. See Missouri Laws 1.020
(2) The association shall have a lien upon the contents of any safe deposit box for the rental thereon. If the lessee shall not pay the rent within thirty days after the same is due, then the association, after giving not less than sixty days’ written notice to the lessee, personally or by registered or certified mail delivered to the latest address shown upon the safe deposit records of the association, of its intention to sell the contents of the box for the payment of rent and expenses may open the box forcibly and remove the contents in the presence of two of its employees, one of whom shall be an officer thereof. The association then shall retain such contents for at least ninety days thereafter and the association then may sell any part or all of such contents at public sale by giving notice thereof in like manner as notice is required as provided in chapter 493 for two successive weeks in a newspaper qualified to publish such notice, and retain from the proceeds of sale the rental due it, the costs of opening and repairing the box, and the costs of sale. Any remaining balance shall be disposed of in accordance with the provisions of sections 447.500 to 447.595;
(3) If the lessee shall fail to surrender possession of any box within thirty days from the date of the termination of the lease, then the association, after giving not less than sixty days’ written notice to the lessee, personally or by registered or certified mail delivered to the latest address shown upon the safe deposit records of the association, of its intention to enter the box, remove the contents and sell the same, may open the box forcibly and remove its contents in the presence of two of its employees, one of whom shall be an officer thereof. The association then shall retain such contents for at least ninety days thereafter and the association then may sell any part or all of such contents at public sale by giving notice thereof in like manner as notice is required in subdivision (2) of this section, and retain from the proceeds of sale the costs of opening and repairing such box, the costs of sale and any other amounts due to the association. Any article, item or document without apparent market value may be destroyed after two years from the date of giving or mailing the required notice. Any remaining balance shall be disposed of in accordance with the provisions of sections 447.500 to 447.595.