What is a safe deposit box deputy?
A deputy is an individual appointed by a renter of a safe deposit box to serve as the renter’s agent with respect to the box. A deputy is appointed using a special form supplied by the financial institution, although not all financial institutions will allow deputies, and not all states have laws that recognize them. The deputy is not considered an owner of any of the contents of the box, and the deputy’s rights are not equal to the renter’s rights. The renter can put a deputy on; he can take the deputy off. The deputy is supposed to perform duties for the benefit of the renter — not for his own personal purposes.