An interesting case involving a limitation of liability provision was recently appealed after a jury trial verdict for a judgment in favor of the plaintiff. The plaintiff kept substantial assets in a safe deposit box at a bank. She signed a one-page safe deposit rental agreement, which expressly noted that the plaintiff acknowledged receipt of a copy of the safe deposit box rules and regulations. Despite these form-written assurances in the contract, the plaintiff was not given a copy of the safe deposit rules and regulations.
The rules and regulations purportedly in effect when the plaintiff opened her safe deposit box inform the customer of a number of things. Significantly, they remind the customer that during the pendency of the box rental relationship, only the customer knows what is in the box and that the box’s contents should be privately insured. Further, the consumer is warned that because the bank cannot verify the contents of the box, the bank’s liability for any loss in connection with the box for whatever reason shall not exceed 10 times the annual rent charge (the limitation of liability provision).