55.01 DEFINITIONS. Subdivision 1. Scope. Unless the language or context clearly indicates that a different meaning is intended, the following words, terms, and phrases shall, for the purposes of the laws of this state, be given the meanings subjoined to them. Subd. 2. Safe deposit box. The words “safe deposit box” mean any box, safe, […]
55.02 POWERS. Any safe deposit company which complies with the provisions of this chapter shall have power: (1) to let out or rent as lessor, for hire, safe deposit boxes, upon such terms and for such compensation as may be agreed upon by such safe deposit company and the lessee; and (2) to take and […]
55.03 LICENSE REQUIRED. Except as in this chapter otherwise provided, no person shall exercise the powers granted safe deposit companies by section 55.02 unless licensed so to do. History: (7747-3) 1933 c 340 s 3; 1945 c 114 s 3
55.04 LICENSES. Subdivision 1. Place of business. The commissioner of commerce may license any person to engage in the business of a safe deposit company and to exercise the powers set forth in section 55.02, which license shall designate the place of business of the safe deposit company, which place of business shall be located […]
55.041 ANNUAL LICENSE FEE. Every licensee shall, on or before the 20th day of each December, pay to the commissioner the sum of $150 as an annual license fee for the next succeeding calendar year. History: 1982 c 473 s 23
55.05 BONDS. Before a license is issued, the applicant shall execute and file with the commissioner of commerce a bond to the state of Minnesota in the penal sum of not less than $5,000 nor more than $1,000,000, as fixed by the commissioner of commerce. The bond must be issued by a corporate surety in […]
55.06 BUSINESS NOT TO BE CONDUCTED WITHOUT LICENSE. Subdivision 1. Prohibition. No person except a bank, a savings bank, a credit union, a savings association, industrial loan and thrift company issuing investment certificates of indebtedness, or a trust company may let out or rent as lessor, for hire, safe deposit boxes or take or receive […]
55.07 DEPOSITS, HOW KEPT; ACCOUNTS KEPT. Subdivision 1. Vault approved by commissioner. No person shall carry on the business of a safe deposit company as authorized by section 55.02 unless the safe deposit boxes let out or rented by it and the valuable personal property taken and received by it for safekeeping and storage are […]
55.08 LICENSE POSTED. Immediately upon the receipt of the license issued by the commissioner of commerce, pursuant to the provisions of this chapter, the licensee named therein shall cause the license to be posted and conspicuously displayed in the place of business for which it is issued, so that all persons visiting the place of […]
55.095 DUTIES OF COMMISSIONER OF COMMERCE. Every safe deposit company is at all times under the supervision and subject to the control of the commissioner of commerce. The commissioner may at any time examine a licensed safe deposit company to ascertain whether the safe deposit company is complying with the provisions of this chapter and […]
55.10 LIABILITY; EXEMPTIONS. Subdivision 1. Permitting access, removal, or delivery. When a safe deposit box shall have been hired from any licensed safe deposit company in the name of two or more persons, including a married couple, with the right of access being given to either, or with access to either or the survivor or […]
55.11 NOT CHARGED WITH NOTICE OF FIDUCIARY RELATION. No such safe deposit company shall be obliged to ascertain or take notice of any trust or fiduciary relationship which the tenant of a safe deposit box may bear to the contents thereof, but shall be presumed to deal with the tenant of a box in an […]
55.12 LIABILITY MAY BE LIMITED. Any licensed safe deposit company may, in any lease or contract governing or regulating the use of any safe deposit box to or by any customer or customers, limit its liability as such lessor or bailee in the following respects: (1) limit its total liability for any loss by negligence […]
55.15 APPLICATION. This chapter shall not be held or construed as limiting, restricting, or in any way affecting the operation or management of safe deposit boxes or vaults, or a safe deposit business, by any savings bank, bank, credit union, or trust company. If any bank, savings bank, credit union, or trust company elects to […]
