Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA.

We are not aware of any specific legal requirement that applies to the retention of safe deposit box contracts. However, the statute of limitations for written contracts in Illinois is ten years. Consequently, we recommend retaining safe deposit box contracts for ten years after the termination of the contracts. This same retention period also should be applied to any documents that may be relevant in a dispute over a safe deposit box contract.

Additionally, we note that your bank may store safe deposit box contracts electronically. Both Illinois and federal law provide that an electronic copy of a document cannot be denied legal effect, validity or enforceability solely because it is in electronic form (with a very few exceptions that do not apply to your question).

For resources related to our guidance, please see:

• Illinois Code of Civil Procedure, 735 ILCS 5/13-206 (Actions on written contracts “shall be commenced within 10 years next after the cause of action accrued; but if any payment or new promise to pay has been made, in writing . . . within or after the period of 10 years, then an action may be commenced thereon at any time within 10 years after the time of such payment or promise to pay.”)

• Electronic Commerce Security Act, 5 ILCS 175/5-110 (“Information, records, and signatures shall not be denied legal effect, validity, or enforceability solely on the grounds that they are in electronic form.”)

• Financial Institutions Electronic Documents and Digital Signature Act, 205 ILCS 705/10(a) (“If in the regular course of business, a financial institution possesses, records, or generates any document, representation, image, substitute check, reproduction, or combination thereof . . . that accurately reproduces, comprises, or records the agreement, transaction, act, occurrence, or event . . . [it] shall have the same force and effect under the laws of this State as one comprised, recorded, or created on paper or other tangible form by writing, typing, printing, or similar means.”)

• Electronic Signatures in Global and National Commerce (ESIGN) Act, 15 USC 7001(a)(1) (“A signature, contract, or other record . . . may not be denied legal effect, validity, or enforceability solely because it is in electronic form.”)