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Safety Deposit Box Governed by Lease
Is a safety deposit box a form of deposit or lease?
The contract for the use of a safe deposit box should be governed by the law on lease. Under the old banking law, a safety deposit box is a special deposit. However, the new General Banking Law, while retaining the renting of safe deposit box as one of the services that the bank may render, deleted reference to depository function. (Divina, Handbook on Philippine Commercial Law)