Title 12. Miscellaneous Institutions and Activities — Subtitle 6. Safe-Deposit Companies
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 12-601 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 6. Safe-Deposit Companies
§ 12–601LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Safe-deposit box” means a locked box or safe that is:
(1)
In a vault under the control of a safe-deposit company; and
(2)
Used by another person for the storage or safekeeping of property.
(c)
“Safe-deposit company” means a person who is engaged in the business of renting safe-deposit boxes to others.
Md. Code Ann., Fin. Inst. § 12-602 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 6. Safe-Deposit Companies
§ 12–602LinkCopy Citation
(a)
In this section, “fiduciary” includes the fiduciary’s successor.
(b)
Except as provided in subsection (c) of this section, if a safe-deposit company rents a safe-deposit box to a fiduciary, the safe-deposit company may not permit access to the safe-deposit box:
(1)
By any person other than the fiduciary; and
(2)
If the safe-deposit box is rented to two or more fiduciaries, by less than all of the fiduciaries in person.
(c)
The safe-deposit company may permit access to the safe-deposit box by:
(1)
Any individual authorized by all of the fiduciaries, in accordance with a rental agreement, written power of attorney, or other written authority signed by each fiduciary and filed with the safe-deposit company; and
(2)
Less than all of the fiduciaries, in accordance with a rental agreement, written power of attorney, or other written authority signed by the remaining fiduciaries and filed with the safe-deposit company.
Md. Code Ann., Fin. Inst. § 12-603 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 6. Safe-Deposit Companies
§ 12–603LinkCopy Citation
If the lessee of a safe-deposit box dies and, before a personal representative for the lessee’s estate has been appointed, a person wishes to open the safe-deposit box to search for the lessee’s will, a representative of the safe-deposit company shall be present when the safe-deposit box is opened.
Md. Code Ann., Fin. Inst. § 12-604 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 6. Safe-Deposit Companies
§ 12–604LinkCopy Citation
(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.