HARRY HUGHES, Governor

647

definition section.

See also § 1-101 of this article for other
applicable definitions.

(B)       SAFE-DEPOSIT BOX.

"SAFE-DEPOSIT BOX" MEANS A LOCKED BOX OR SAFE THAT IS:

(1)       IN A VAULT UNDER THE CONTROL OF A
SAFE-DEPOSIT COMPANY; AND

(2)       USED BY ANOTHER PERSON FOR THE STORAGE OR
SAFEKEEPING OF PROPERTY.

REVISOR'S NOTE: This subsection is new language derived
from the identical references in each of Art. 23,
§§ 315 and 316 to "locked boxes or safes ...".
For simplicity, it is revised as a formal
definition.

In item (1) of this subsection, the present
references to these boxes or safes as being "in
{the} safe—deposit company's building" is deleted
as unnecessary in light of the broad alternative
"or under its control".

In item (2) of this subsection, the more general
term "property" is substituted for the references
to "securities and valuables".

(C)       SAFE-DEPOSIT COMPANY.

"SAFE-DEPOSIT COMPANY" MEANS A PERSON WHO IS ENGAGED IN
THE BUSINESS OF RENTING SAFE-DEPOSIT BOXES TO OTHERS.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the reference in
Art. 23, § 316 to "{a}ny safe—deposit company
engaged in the business of renting out"
safe-deposit boxes and " [any} other corporation
or individual engaged in such business". For
simplicity, it is revised as a formal definition.

Present Art. 23, § 315 contains a similar
reference that is limited to "incorporated"
bodies. Although most "safe—deposit companies"
are, in fact, incorporated banking institutions,
there appears to be no reason to distinguish
between corporations and other persons as to any
of the requisites of this subtitle. Therefore,
the broader reference in present Art. 23, § 316
is adopted here to define the term "safe-deposit
box", establishing a uniform meaning for this
subtitle.

12-602. ACCESS BY FIDUCIARIES TO SAFE-DEPOSIT BOXES.