Section 362.485

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 01 Jul 1994, see footnote   

  362.485.  Special remedies available to banks doing a safe deposit business. — Every bank and trust company doing a safe deposit business and every safe deposit company owned by a bank or trust company 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 company 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 corporation 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.

  (2)  (a) The lessor 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 lessor, 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 lessor, 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 lessor then shall retain such contents for at least ninety days thereafter and the lessor 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.

  (b)  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 lessor, 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 lessor, 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 lessor then shall retain such contents for at least ninety days thereafter and the lessor 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 paragraph (a) of 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 lessor.  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.

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(RSMo 1939 § 7997, A.L. 1967 p. 445, A.L. 1969 S.B. 279, A.L. 1981 S.B. 28, A.L. 1984 H.B. 1088, A.L. 1994 S.B. 757)

Prior revisions: 1929 § 5401; 1919 § 11780

Effective 7-01-94