A question and answer address the requirements of Indiana law with respect to safe deposit boxes. There is relatively little specific Indiana law on safe deposit boxes. Basically IC 28-15-24 and IC 28-1-11-11 grant financial institutions the power to rent safe deposit boxes. The terms of the contract between the individual renting a safe deposit box and the financial institution are primarily set by the parties - the bank and the renter of the box. However IC 28-1-11-11 states that the bank is not liable for the value of the property placed in the safe deposit box nor for damages for the loss, theft or misappropriation of property placed in a safe deposit box.
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