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Simple English definitions for legal terms
safety-deposit box
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A quick definition of safety-deposit box:
A safety-deposit box is a special box that you can rent from a bank to keep your valuable things safe. It is kept in the bank's vault and needs two keys to open it - one key is kept by the bank and the other key is kept by you. It is also called a deposit box.
A more thorough explanation:
A safety-deposit box, also known as a safe-deposit box, is a lockbox that is stored in a bank's vault to keep a customer's valuable items safe and secure. It typically requires two keys to open, one held by the bank and the other held by the customer.
Examples of items that people may store in a safety-deposit box include:
- Jewelry
- Important documents (such as passports, wills, and deeds)
- Cash
- Collectibles
These examples illustrate the definition of a safety-deposit box because they are all valuable items that people may want to keep safe and secure. By storing them in a safety-deposit box, customers can have peace of mind knowing that their items are protected from theft, fire, and other potential hazards.