§ 55.01 — Definitions
Plain-Language Summary
This section defines key terms for the safe deposit company law. A 'safe deposit box' is any box, safe, or vault space used to store valuables. 'Valuable personal property' includes jewelry, money, gold, stocks, bonds, and important papers. A 'safe deposit company' is any business that rents out safe deposit boxes.
55.01 DEFINITIONS.
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Subdivision 1.Scope.
Unless the language or context clearly indicates that a different meaning is intended, the following words, terms, and phrases shall, for the purposes of the laws of this state, be given the meanings subjoined to them. §
Subd. 2.Safe deposit box.
The words “safe deposit box” mean any box, safe, safe deposit box, receptacle, or any part or parts thereof, and any space in a vault, which may be used for the safekeeping and storage of valuable personal property. §
Subd. 3.Valuable personal property.
The words “valuable personal property” mean jewelry, plate, money, specie, bullion, stocks, bonds, valuable papers, or other personal property of value. §
Subd. 4.Person.
“Person” means an individual, partnership, unincorporated association or a corporation. “It” includes “he,” “she,” and “they.” §
Subd. 5.Safe deposit company.
“Safe deposit company” means any person who lets out or rents, as lessor, for hire, safe deposit boxes, or space therein.
History:
(7747-1) 1933 c 340 s 1; 1945 c 114 s 1; 1986 c 444
History: History: (7747-1) 1933 c 340 s 1; 1945 c 114 s 1; 1986 c 444