HB-4490, As Passed House, March 23, 2006

SUBSTITUTE FOR

HOUSE BILL NO. 4490

     A bill to amend 1939 PA 330, entitled

"An act to provide for access to, removal of contents from,

surrender of, and discharge of liability of lessor of safe deposit

boxes or compartments rented to 2 or more persons by either or any

1 of such persons or the survivor or survivors of them, unless

otherwise provided in the safe deposit box or compartment rental

agreement,"

by amending section 1 (MCL 487.721), as amended by 1994 PA 370.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 1. (1)  Subject to subsection (3), if  If 2 or more

persons rent a safe deposit box or compartment, any 1 of them, or

the survivor or survivors of them, unless it is otherwise provided

in the safe deposit box or compartment rental agreement, has a

right to all of the following:

     (a) To access to the safe deposit box or compartment for any

purpose.

     (b) To remove or exchange any contents of the safe deposit box

or compartment.

     (c) To surrender the safe deposit box or compartment,

terminate the rental contract, and discharge the lessor of the safe

deposit box or compartment from liability arising from its rental.

     (2) The safe deposit and collateral company, bank, industrial

bank, trust company, or other lessor of the safe deposit box or

compartment is protected against all renters of the safe deposit

box or compartment, their assigns, heirs, executors, and

administrators in recognizing the rights described in subsection

(1). However, subsection (1) does not effect a transfer of title to

any contents of a box or compartment from 1 renter to another.

     (3) The survivor or survivors of a renter who died before

October 1, 1993 has no right of access to the safe deposit box or

compartment until the provisions of section 9 of the Michigan

estate tax act, Act No. 188 of the Public Acts of 1899, as amended,

being section 205.209 of the Michigan Compiled Laws, has been

complied with.

     Enacting section 1. This amendatory act takes effect January

1, 2007.

     Enacting section 2.  This amendatory act does not take effect

unless House Bill No. 4486 of the 93rd Legislature is enacted into

law.