Sec. 11. Any bank or trust company shall have power to receive, upon terms and conditions to be prescribed by such corporation, not inconsistent with the provisions of this section, upon deposit for safe-keeping, or in escrow, moneys, bonds, mortgages, jewelry, plate, stock, securities and valuable papers of any kind, and other personal property for hire, and to rent or lease receptacles for safe deposits of personal property. No bank or trust company nor any of the assets thereof shall be liable, for the value of any property received by it pursuant to the power conferred by this section nor for damages for the loss, theft or misappropriation thereof. Any bank or trust company may procure and carry a policy or policies of insurance for the benefit of the owners of any property received by it pursuant to the power conferred by this section.
Formerly: Acts 1933, c.40, s.180.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 11. Powers of Banks and Trust Companies
28-1-11-1. General and Enumerated Rights, Privileges, and Powers; "Bank or Trust Company"
28-1-11-2.5. Sale of Life Insurance Policy or Annuity Contract
28-1-11-3.2. Request to Exercise Rights and Privileges Granted to National Bank; Procedures; Appeal
28-1-11-4. Investments; Deposit of Funds
28-1-11-6. Appointment as Fiduciary
28-1-11-7. Testamentary and Probate Fiduciary Appointments
28-1-11-8. Appointment as Successor Guardian, Trustee, Executor, or Administrator
28-1-11-10. Service as Fiduciary Without Bond; Judicial Control; Requirement of Security
28-1-11-11. Safe Deposits and Escrows