Safe Deposit Facilities

C.R.S. tit. 11, art. 46
in effect

C.R.S. § 11-46-101 Definitions

11-46-101. Definitions. As used in this article, unless the context otherwise requires: (1) "Fiduciary" means any person as defined in section 15-1-103 (2), C.R.S. (2) "Lease" means the contract between lessor and lessee governing the use, payment, and other terms and conditions with regard to a safe deposit box. (3) "Lessee" means a person contracting with a lessor for the use of a safe deposit box. (4) "Lessor" means any association defined in section 11-46-102 which maintains safe deposit facilities. (5) "Person" means any natural person, partnership, whether limited or general, corporation, or entity leasing a safe deposit box. (6) "Safe deposit box" means any vault, box, receptacle, or other safekeeping facility maintained by a lessor for lease to third persons.

C.R.S. § 11-46-102 Safe deposit boxes

11-46-102. Safe deposit boxes. Any savings and loan associations organized under articles 40 to 46 of this title and any federal savings and loan associations organized under the "Home Owners' Loan Act of 1933", as amended, except to the extent that laws, rules, and regulations under which they operate are inconsistent with this article, may engage in the business of leasing safe deposit boxes in accordance with the provisions of this article.

C.R.S. § 11-46-103 Lease to natural persons

11-46-103. Lease to natural persons. A lessor may lease a safe deposit box to any natural person and, in connection therewith, deal with such person without liability until there is filed with such lessor a certified copy of any order of a Colorado court indicating that such person is under a legal disability and directing the lessor to deal with such person's fiduciary.

C.R.S. § 11-46-104 Leases to joint tenants

11-46-104. Leases to joint tenants. (1) Any lessor may lease a safe deposit box to one or more natural persons as joint tenants, and any one of such joint tenants shall have the right of access to such safe deposit box. (2) Upon the death of any joint tenant, the provisions of section 15-10-111, C.R.S., and of this section with regard to examination shall apply. (3) Nothing in this section shall be construed to prevent the making of leases for safe deposit boxes, the terms of which may require the signature and presence of more than one person as a condition for access to said box.

C.R.S. § 11-46-105 Access by fiduciaries

11-46-105. Access by fiduciaries. (1) Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the instrument of authority pursuant to which such fiduciaries are acting and copies of which have been furnished the lessor, allow access thereto as follows: (a) By any one or more of the persons acting as executors or administrators; (b) By any one or more of the persons otherwise acting as fiduciaries when authorized in writing and signed by all other persons so acting; (c) By any agent authorized in writing and signed by all of the persons acting as fiduciaries.

C.R.S. § 11-46-106 Effect of lessee's death or incompetence

11-46-106. Effect of lessee's death or incompetence. If a lessor, without written notice or actual knowledge of the death or of a determination of legal incompetence of the lessee, deals with the lessee or the lessee's agent pursuant to a written power of attorney signed by the lessee, the transaction binds the lessor and the estate of the lessee.

C.R.S. § 11-46-107 Search procedure on death

11-46-107. Search procedure on death. The provisions of section 15-10-111, C.R.S., shall apply to the search procedure of a safe deposit box on the death of a lessee.

C.R.S. § 11-46-108 Adverse claims to contents of safe deposit box

11-46-108. Adverse claims to contents of safe deposit box. (1) A lessor shall not deny access to a safe deposit box to a lessee unless the lessee's claim is adverse within the terms of this section. A claim is adverse when: (a) The lessor is directed to deny access by a court order issued in an action in which the lessee is served with process and named as a party by a name that identified the lessee with the name in which the safe deposit box is leased; or (b) The safe deposit box is leased or the property is held in the name of a lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity for a named beneficiary and the adverse claim is supported by a sworn written statement of facts disclosing that it is made by or on behalf of such a beneficiary and that there is reason to know that the fiduciary may misappropriate the trust property; or (c) One of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or when one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or when it is claimed that a lessee is the same person as one using another name.

C.R.S. § 11-46-109 Nonpayment of rent

11-46-109. Nonpayment of rent. If the rental on a safe deposit box has not been paid for one year after it is due, the lessor may petition a court of competent jurisdiction to make disposition of the contents of such safe deposit box, and the lessor shall have the right to claim and accept any proceeds from such disposition to satisfy accumulated charges, court costs, and attorneys' fees in connection with the rental and disposition of said safe deposit box.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-11.docxFetched: 10/6/2026