11.02.130 - Safe deposit repository -- Lease provision ineffective to create joint tenancy or transfer at one lessee's death.

Safe deposit repository — Lease provision ineffective to create joint tenancy or transfer at one lessee's death.

A provision in a lease of a safety deposit repository to the effect that two or more persons have access to the repository, or that purports to create a joint tenancy in the repository or in the contents of the repository, or that purports to vest ownership of the contents of the repository in the surviving lessee, is ineffective to create joint ownership of the contents of the repository or to transfer ownership at death of one of the lessees to the survivor. Ownership of the contents of the repository and devolution of title to those contents is determined according to rules of law without regard to the lease provisions.

[1993 c 291 § 3.]