HARRY HUGHES, Governor

649

Although present Art. 11, § 103A applies to a
safe-deposit box that a "banking institution"
rents, this section is revised to apply to a box
rented by any safe-deposit company.

The only other changes are in style.

12-604. LIMITATIONS ON LIABILITY.

(A)   MAXIMUM TOTAL LIABILITY.

IN A CONTRACT GOVERNING THE USE OF A SAFE-DEPOSIT BOX
BY A CUSTOMER, THE SAFE-DEPOSIT COMPANY MAY LIMIT ITS TOTAL
LIABILITY FOR ANY LOSS RESULTING FROM ITS NEGLIGENCE TO A
MAXIMUM AMOUNT, WHICH MAY NOT BE LESS THAN 500 TIMES THE
ANNUAL RENTAL CHARGED FOR THE SAFE-DEPOSIT BOX.

(B)   PERMITTED EXEMPTIONS FROM LIABILITY.

THE SAFE-DEPOSIT COMPANY MAY PROVIDE IN THE CONTRACT
THAT IT WILL NOT BE LIABLE FOR THE LOSS OF ANY MONEY,
JEWELRY, OR OTHER ITEMS SPECIFIED IN THE CONTRACT FOR THIS
PURPOSE.

(C)   PERMITTED LIMITATION ON PRESUMPTIONS.

THE SAFE-DEPOSIT COMPANY MAY PROVIDE IN THE CONTRACT
THAT THE FACT THAT AN ITEM WAS LEFT IN A SAFE-DEPOSIT BOX BY
A CUSTOMER AND, ON A SUBSEQUENT ENTRY BY THE CUSTOMER TO THE
SAFE-DEPOSIT BOX, THE PROPERTY WAS MISSING DOES NOT:

(1)       RAISE A PRESUMPTION THAT THE PROPERTY WAS
LOST BY ANY NEGLIGENCE OR WRONGDOING FOR WHICH THE
SAFE-DEPOSIT COMPANY IS RESPONSIBLE; OR

(2)       PLACE ON THE SAFE-DEPOSIT COMPANY THE BURDEN
OF PROVING THAT THE LOSS WAS NOT ITS FAULT.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 316.

In subsection (c) of this section, the present
reference to an entry by the "authorized agent"
of a customer is deleted as unnecessary.

TITLE 13. STATE OPERATED FINANCIAL PROGRAMS.

SUBTITLE 1. MARYLAND INDUSTRIAL DEVELOPMENT FINANCING
AUTHORITY.

PART I. DEFINITIONS; GENERAL PROVISIONS.

13-101. DEFINITIONS.

(A) IN GENERAL.