Current as of April 14, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) Except as otherwise provided by this section, Sections 125.505 through 125.507, Chapter 151, Estates Code, or other law, a credit union may not relocate a safe deposit box rented for a term of six months or longer if the box rental is not delinquent or may not open the box to relocate its contents to another location, unless:
(1) the lessee is present when the box is opened or relocated; or
(2) the lessee has given the credit union written authorization to relocate the box or to open the box for purposes of relocation.
(b) Storage conditions at the new box location must be at least as secure as the conditions at the original location.
(c) If the box is opened during relocation, two employees shall prepare a detailed inventory of the contents of the box. At least one of the employees must be an officer or manager of the credit union and a notary public.
(d) One lessee of a jointly held safe deposit box is sufficient to personally supervise or give written authorization for the box's relocation.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 125.504. Relocation of Safe Deposit Box; Inventory of Contents - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-125-504/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.