Banks are at risk when opening and closing a safe deposit box, as well as when allowing access to a box while a lessee(s) is alive. Understanding the proper procedures your bank should follow to help minimize your institution’s risk is critical, particularly since this legal relationship is primarily governed by your contract with your lessee customer rather than dictated by state law. This webinar will review various aspects of liability that banks face when managing the safe deposit area and also offer several opportunities for your questions to be asked.
- Review procedures related to opening a safe deposit box for a natural person.
- Who should be allowed to access the box while the lessee is alive?
- What should be done when property is found in the safe deposit box but the “owner” is not readily identifi-able
- What should the bank do when a lessee loses their box keys?
- What should the bank do if a lessee is not paying their rent?
- How can a lessee name an agent on a safe deposit box?
- What are the procedures that should be followed upon the death of a natural person lessee?
- Who can access the box? Must an inventory/will search be done? Who has authority to close the box?
- What is the proper method to use to terminate a lease without surrendering the box?
- How should the bank handle the receipt of both keys in the mail from an heir who assumes the box is empty and directs the bank to close the box?
WHO SHOULD ATTEND:
All persons who work in the safe deposit area, whether full-time or on an as-needed basis, are encouraged to participate in this important program.
Scott Birrenkot, Assistant Director – Legal, Wisconsin Bankers Association
Scott Birrenkott provides WBA members with current information on the banking industry’s constantly changing regulatory, legislative, and judicial requirements. Scott is a frequent contributor to WBA publications and comment letters, and regularly presents at WBA educational programs. In addition, Scott actively assists the WBA Government Relations Department by reviewing and drafting legislation. Scott received his Bachelor of Arts from University of Wisconsin - La Crosse, and his J.D. from Marquette University Law School. He is a member of the State Bar of Wisconsin.
Originally recorded on April 24, 2019.
The fee for this recorded webinar is $295 Plus Tax. This registration fee includes one-year access to the On-Demand webinar.
Handout materials will be available for download within the webinar presentation window.
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