2010 Michigan Compiled Laws
Chapter 487 - FINANCIAL INSTITUTIONS
Act 276 of 1999 - BANKING CODE OF 1999 (487.11101 - 487.15105)
276-1999-4 - CHAPTER 4 BANKING POWERS (487.14101...487.14406)
276-1999-4-1 - PART 1 GENERAL PROVISIONS (487.14101...487.14109)
Section 487.14102 - Safe deposit and storage department; lien for unpaid rental and storage charges.

Sec. 4102.

(1) If a bank operates a safe deposit and storage department, the legal liability of the bank on account of any loss to a customer shall not exceed the sum of $10,000.00 for any 1 box or compartment, including all property accepted for storage outside of the box or compartment. The bank may contract with the renter to have the renter assume all risks arising from the use of the box, compartment, or storage.

(2) The bank shall have a lien for unpaid rental and storage charges on the contents of any box or compartment and any property accepted for storage outside of the box or compartment. If the charges are not paid within 1 year from the date of accrual, the bank may sell the property at public auction upon like notice as is required by law for sales on execution. After retaining from the proceeds of sale the amount of all charges due and owing at the time of the sale, and the reasonable expenses of the sale, the bank shall pay the balance, if any, upon proper showing to the persons entitled to the balance. The bank may fairly and in good faith purchase all or any part of the property at the sale.

History: 1999, Act 276, Eff. Mar. 1, 2000