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Safe custody

This is a service offered by most clearing and commercial banks. They volunteer to accept deeds, documents, jewellery and other items of property for storage in safe custody on behalf of customers. The property may be tendered in sealed boxes or packages, or the bank itself may provide deed boxes which may be sealed in the presence of both the customer and a bank official. Items so deposited are entered in a special register kept by the bank for this purpose. In accepting the property, the bank becomes voluntary bailee and the extent of the bank’s liability will usually be specified in advance and may vary, as with any bailment, according to whether or not any payment is made by the customer.

Reference: The Penguin Business Dictionary, 3rd edt.