51A-11-1      Definition of terms.
51A-11-2      Regulation of safe deposit by commission.
51A-11-3      Fiduciary's access to safe deposit.
51A-11-4      Power of attorney.
51A-11-5      Minor's lease of safe deposit.
51A-11-6      Joint leaseholds in safe deposit.
51A-11-7      Death of lessee--Procedures for opening and delivery of contents of safe deposit.
51A-11-7.1      Death of joint lessee or other having right of access--Notification of lessor.
51A-11-8      Corporate lessee.
51A-11-9      Adverse claims to safe deposit.
51A-11-10      Unpaid rental--Procedures for opening safe deposit and disposition of contents.

51A-11-1. Definition of terms.

Terms used in this chapter, unless the context otherwise plainly requires, shall mean:

(1)    "Lessee," a person contracting with the lessor for the use of a safe deposit box;

(2)    "Lessor," a bank or branch bank which engages in the business of renting safe deposit facilities;

(3)    "Safe deposit box," a box, vault, or other receptacle maintained by a lessor in its vault and the purpose of which is to secure the property of a lessee.

Source: SL 1969, ch 11, § 9.1; SDCL, § 51-23-1.

51A-11-2. Regulation of safe deposit by commission.

The leasing of safe deposit boxes by a lessor shall be subject to such rules as the commission may prescribe, and such rules shall be promulgated with a view toward ensuring as much privacy and security to the lessee as sound banking practice will allow.

Source: SL 1969, ch 11, § 9.2; SL 1988, ch 377, § 143; SDCL, § 51-23-2.

51A-11-3. Fiduciary's access to safe deposit.

Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows:

(1)    By any one or more of the persons acting as personal representatives;

(2)    By any one or more of the persons otherwise acting as fiduciaries when authorized in writing signed by all other persons so acting;

(3)    By any agent authorized in writing, signed by all of the persons acting as fiduciaries.

Source: SL 1969, ch 11, § 9.3; SDCL § 51-23-3.

51A-11-4. Power of attorney.

Where a lessor without knowledge of the death or of an adjudication of legal incompetence of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee's estate and the lessee.

Source: SL 1969, ch 11, § 9.4; SDCL, § 51-23-4.

51A-11-5. Minor's lease of safe deposit.

A bank may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity.

Source: SL 1969, ch 11, § 9.5; SDCL, § 51-23-5.

51A-11-6. Joint leaseholds in safe deposit.

Joint leaseholds in and to a safe deposit box may be created by contract with two or more persons, including minors, named as lessees. The terms of the contract may provide that any one or more of the lessees, or the survivor or survivors of the lessee or lessees shall have access and entry to the safe deposit box and the right to remove the contents from the box whether the other lessee or lessees be living, incompetent, or dead, and in case of such removal the lessor is not liable for the removal. The existence of a joint leasehold agreement in and to a safe deposit box shall in no way affect a determination as to what persons hold title to the contents of such box.

Source: SL 1969, ch 11, § 9.6; SL 1970, ch 265, § 48; SDCL 51-23-6; SL 2000, ch 229, § 17.

51A-11-7. Death of lessee--Procedures for opening and delivery of contents of safe deposit.

If only one lessee is named in the lease agreement covering a safe deposit box rental and such lessee shall die, the safe deposit box may be opened at any time thereafter and all contents may be delivered, without inventory, to the personal representative or special administrator of a deceased lessee, and without liability to the lessor.

In the alternative, after the lessee's death, the safe deposit box may be opened at any time, in the presence of those persons presenting the key thereto and claiming to be interested in the contents thereof, by two employees of the lessor, one of whom shall be an officer of the lessor. The employees may remove all instruments of a testamentary nature and personally deliver or forward them by registered or certified mail to the probate court having apparent jurisdiction. The employees may deliver life insurance policies contained in the box to the beneficiary named in the policies. Any and all other contents of the box so opened shall be kept and retained by the lessor and shall be delivered only to the parties legally entitled to the same.

If no person presents the key to the safe deposit box within six months after the death of the lessee, the lessor, by two employees, one of whom shall be an officer of said lessor, may open the box by forcible entry and remove the contents and deliver the same to the probate court, subject to the payment of rentals, of expenses, and the repairs.

This section applies if all of the lessees under a joint leasehold agreement are deceased.

Source: SL 1969, ch 11, § 9.7; SL 1970, ch 265, § 49; SDCL 51-23-7; SL 2000, ch 229, § 18.

51A-11-7.1. Death of joint lessee or other having right of access--Notification of lessor.

Any person or representative having a right of access to a safe deposit box or other receptacle of similar character shall, upon the death of any other person having a right of access to such box or receptacle, notify the person, firm, partnership, association, limited liability company, joint-stock company, or corporation from whom the box or receptacle is leased or rented of the death of such person prior to accessing the box or receptacle.

Source: SL 2002, ch 222, § 6.

51A-11-8. Corporate lessee.

If the lessee is a corporation and the president, treasurer, or secretary certifies that certain designated persons are authorized to enter the box, the lessor may permit such designated person to enter without liability therefor.

Source: SL 1969, ch 11, § 9.8; SDCL, § 51-23-8.

51A-11-9. Adverse claims to safe deposit.

Adverse claims to the contents of a safe deposit box shall be governed by § 51A-1-3, insofar as such section may be applicable to this chapter.

Source: SL 1969, ch 11, § 9.9; SDCL, § 51-23-9.

51A-11-10. Unpaid rental--Procedures for opening safe deposit and disposition of contents.

If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by registered or certified mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within thirty days. After such time the box may be opened in the presence of an officer of the lessor and a notary public. The notary public shall issue a certificate reciting the name of the lessee, the date of the opening of the box, the names of the witnesses present, and a list of its contents. The certificate with the contents of the box shall be included in a sealed package marked with the lessee's name and date of opening, and it shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box until it is claimed or delivered to the state treasurer for disposal pursuant to chapter 43-41B. The state treasurer shall reimburse the lessor for unpaid box rentals from the proceeds of the package, if any.

Source: SL 1969, ch 11, § 9.10; SL 1970, ch 265, § 50; SL 1974, ch 301, § 2; SL 1982, ch 28, § 18; SDCL, § 51-23-10.