362.485. Special remedies available to banks doing a safe deposit business.
Special remedies available to banks doing a safe deposit business.
362.485. Every bank and trust company doing a safe depositbusiness and every safe deposit company owned by a bank or trustcompany shall be entitled to the following special remedies inenforcing the liabilities and rights of depositories or lessorsand of renters or lessees of boxes:
(1) Whenever such company doing a safe deposit businessreceives personal property upon deposit, as bailee, and issues areceipt therefor, it is a warehouseman as to this property andall existing statutes and laws affecting warehousemen shall applyto these deposits, and the corporation shall have a lien on thedeposit or the proceeds thereof to the same extent and with thesame effect, and enforceable in the same manner, as provided bylaw with reference to warehousemen.
(2) (a) The lessor shall have a lien upon the contents ofany safe deposit box for the rental thereon. If the lessee shallnot pay the rent within thirty days after the same is due, thenthe lessor, after giving not less than sixty days' written noticeto the lessee, personally or by registered or certified maildelivered to the latest address shown upon the safe depositrecords of the lessor, of its intention to sell the contents ofthe box for the payment of rent and expenses may open the boxforcibly and remove the contents in the presence of two of itsemployees, one of whom shall be an officer thereof. The lessorthen shall retain such contents for at least ninety daysthereafter and the lessor then may sell any part or all of suchcontents at public sale by giving notice thereof in like manneras notice is required as provided in chapter 493, RSMo, for twosuccessive weeks in a newspaper qualified to publish such notice,and retain from the proceeds of sale the rental due it, the costsof opening and repairing the box, and the costs of sale. Anyremaining balance shall be disposed of in accordance with theprovisions of sections 447.500 to 447.595.
(b) If the lessee shall fail to surrender possession of anybox within thirty days from the date of the termination of thelease, then the lessor, after giving not less than sixty days'written notice to the lessee, personally or by registered orcertified mail delivered to the latest address shown upon thesafe deposit records of the lessor, of its intention to enter thebox, remove the contents and sell the same, may open the boxforcibly and remove its contents in the presence of two of itsemployees, one of whom shall be an officer thereof. The lessorthen shall retain such contents for at least ninety daysthereafter and the lessor then may sell any part or all of suchcontents at public sale by giving notice thereof in like manneras notice is required in paragraph (a) of subdivision (2) of thissection, and retain from the proceeds of sale the costs ofopening and repairing such box, the costs of sale and any otheramounts due to lessor. Any article, item, or document withoutapparent market value may be destroyed after two years from thedate of giving or mailing the required notice. Any remainingbalance shall be disposed of in accordance with the provisions ofsections 447.500 to 447.595.
(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 7-1-94