Montana Code 32-2-919. Safe deposit department
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32-2-919. Safe deposit department. A mutual association may conduct a safe deposit department. The liability of any mutual association for the safekeeping and protection of the contents of safety deposit boxes is determined by the contract endorsed on the receipt delivered to the renter of a box at the time of the rental. However, the obligation of the mutual association is limited to the exercise of ordinary diligence and care to protect the contents of the box from loss or damage by fire, theft, or other causes.
Terms Used In Montana Code 32-2-919
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of administration provided for in 2-15-1001. See Montana Code 32-2-603
- Deposit: has the meaning provided in 12 C. See Montana Code 32-2-603
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.