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If a safety deposit box has two living co-lessees, can a person holding a Power of Attorney for one lessee have the box drilled and closed out when the keys have been lost? – IBA Compliance Connection

IBA Compliance Connection

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If a safety deposit box has two living co-lessees, can a person holding a Power of Attorney for one lessee have the box drilled and closed out when the keys have been lost?

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You should check the co-lessee’s power of attorney (POA) to determine whether it includes the power over “safe deposit box transactions.” The Illinois Statutory Short Form Power of Attorney for Property does include authority over safe deposit boxes in line item (e). 755 ILCS 45/3-3. When inspecting the co-lessee’s POA, you should ensure that this line item has not been crossed out. And, as always, we caution you to review the underlying safety deposit box agreement to ensure that there are not any other provisions that might be considered relevant in this situation (for example, whether the agreement requires that all lessees be present when drilling the box).