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Maryland Code, Financial Institutions § 12-604

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) 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) 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) 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.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-604 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-604/

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