Banking · Safe Custody vs Safe Deposit Lockers
Consider the following statements regarding the distinction between Safe Custody services and Safe Deposit Locker services provided by banks: Statement I: In Safe Custody, the bank is aware of the contents being deposited as it verifies items before issuing a receipt, whereas in Locker services, the bank has no knowledge of the contents. Statement II: The legal relationship in Safe Custody is that of Bailor and Bailee, whereas in Locker services, the relationship is primarily that of Lessor and Lessee. Statement III: A bank has a statutory general lien on items kept in Safe Custody for all outstanding dues of the customer. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I
- 2Only I and II✓
- 3Only II and III
- 4I, II and III
Correct answer
Only I and II
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