12 Apr Safe Deposit Box Lease Agreement
You can rent a personal safe for any length of time, a renewable lease and grant the right to use the rented safe of your authorized agent. Banks see the coffers as more headaches than they are worth it. They are expensive to build, complicated to wait for and not very lucrative. The four largest U.S. banks – JPMorgan Chase, Bank of America, Wells Fargo and Citigroup – rarely install them in new branches. Capital One stopped leasing new boxes in 2016. It wants a reduction in the number of customers, said a spokeswoman for the bank. She sued the bank in Los Angeles Superior Court and claimed $7.3 million. Bank of America requested the case to be dismissed on the basis of the language of its tenancy agreement, according to which the tenant takes “all the risks” associated with abandoning the property in the box. But in 2017, after a month-long trial, a jury awarded Ms. Saribekyan $2.5 million for her lost items and $2 million in additional punitive damages. Bank of America challenged the judgment, arguing that any recovery should be limited by the terms described in its lease: “The bank`s liability for box-related losses, for whatever reason, must not exceed ten times the annual rent of the box.” In a six-page report submitted to Highland Park police, Mr. Poniz described the watches, coins, documents and other items that had disappeared.
He estimated the total value at more than $10 million spent on auction records and sales reports. This would be one of the biggest losses in American history. The company`s restrictive conditions are not unusual. Wells Fargo`s security contract limits the bank`s liability to 500 $US. Citigroup limits them to 500 times the annual rent, while JPMorgan Chase has a liability limit of $25,000. Banks generally claim – and the courts have agreed in many cases – that customers are tied to the bank`s most current terms, even though they have rented their boxes years or even decades earlier. Filmmakers love safes much more than bankers. On film, they are an essential tool for spies – Jason Bourne, for example, recovered money and passports from a Swiss box using a device implanted in his hip – and a magnet for smart thieves. Cinematic burglars searched secure chests by tunneling (“The Bank Job,” “The Bank Job”), drilled through a wall (“Sexy Beast”), alarms (“the king of thieves”), taken hostages (“Inside Man”) or simply lowered the doors (“The Dark Knight”). He initially kept his personal collection in his house, but when it grew up, he wanted something safer.
The safe of his neighborhood bank seemed ideal. In 1983, he signed a unilateral lease with the First National State Bank of Edison in Highland Park, N.J., for a safe.