Title 51A — BANKS AND BANKING

Terms used in this chapter, unless the context otherwise plainly requires, shall mean: (1) "Lessee," a person contracting with the lessor for the use of a safe deposit box; (2) "Lessor," a bank or branch bank which engages in the business of renting safe deposit facilities; (3) "…

If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by registered or certified mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unles…

The leasing of safe deposit boxes by a lessor shall be subject to such rules as the commission may prescribe, and such rules shall be promulgated with a view toward ensuring as much privacy and security to the lessee as sound banking practice will allow. Source: SL 1969, ch 11 , …

Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows: (1) By any one …

Where a lessor without knowledge of the death or of an adjudication of legal incompetence of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee's estate and the lessee. Source: SL 1969, ch 11 , § 9.4; S…

A bank may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity. Source: SL 1969, ch 11 , § 9.5; SDCL, § 51-23-5.

Joint leaseholds in and to a safe deposit box may be created by contract with two or more persons, including minors, named as lessees. The terms of the contract may provide that any one or more of the lessees, or the survivor or survivors of the lessee or lessees shall have acces…

If only one lessee is named in the lease agreement covering a safe deposit box rental and such lessee shall die, the safe deposit box may be opened at any time thereafter and all contents may be delivered, without inventory, to the personal representative or special administrator…

Any person or representative having a right of access to a safe deposit box or other receptacle of similar character shall, upon the death of any other person having a right of access to such box or receptacle, notify the person, firm, partnership, association, limited liability …

If the lessee is a corporation and the president, treasurer, or secretary certifies that certain designated persons are authorized to enter the box, the lessor may permit such designated person to enter without liability therefor. Source: SL 1969, ch 11 , § 9.8; SDCL, § 51-23-8.

Adverse claims to the contents of a safe deposit box shall be governed by § 51A-1-3 , insofar as such section may be applicable to this chapter. Source: SL 1969, ch 11 , § 9.9; SDCL, § 51-23-9.