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Accessing a Corporate Safe Deposit Box

How do I access a safe deposit box owned by a corporation if the signer is deceased?


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The corporation has a separate legal existence. Unless its only board member/officer was the signer on the box lease, the corporation's board can appoint another individual to act on its behalf to access the box, and that individual will become the corporation's agent with the bank or safe deposit company.

If the corporation was one of those with a one-member board and only one officer, the ownership of the corporation will be resolved during the probate of the decedent's estate The executor of the estate may be able to vote the corporate shares to elect new directors, who will be able to make the agent appointment for box access. Ultimately, when the corporation's ownership is transferred out of the estate, there may be another set of directors and perhaps a new agent appointment.

Published on BankingQuestions.com 6/30/10