The contract for rent of safety deposit boxes is Not an Ordinary contract of Lease of things because the Full and Absolute Possession and Control of the safety deposit box is Not Given to the party renting. It is actually a special kind of deposit. It is a contractual relation between the parties. The liability rules are governed by the Civil Code provisions on Obligations and Contracts, and not on donations.
A stipulation which Exempts the bank from Liability is Void. Even if as a rule, the Bank may limit its liability to some extent by agreement or stipulation, the agreement or stipulation must not be contrary to law and public policy.
The law on deposit provides that the depositary is liable for loss due to fraud, negligence, delay, or contravention of the tenor of the agreement. Hence, any contrary stipulation would be void.
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