Texas Finance Code 125.502 – Relationship Between Credit Union and Box Holder
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(a) In the absence of a contract to the contrary, the relationship between a credit union and the renter of a safe deposit box maintained at the credit union is that of lessor and lessee and landlord and tenant. The rights and liabilities of the credit union are governed by the law governing those relationships.
(b) The lessee is for all purposes in possession of the box and its contents.
Terms Used In Texas Finance Code 125.502
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.