Ohio § 1733.242
Full text of Ohio Ohio Revised Code § 1733.242, with citation guidance and answers to common questions.
§ 1733.242.
(A) On the terms and conditions the credit union prescribes, a credit union may do all
of the following: (1) Provide safes, vaults, safe deposit boxes, night depositories, and other secure receptacles
for the uses, purposes, and benefits of its members; (2) Receive tangible property and evidence of tangible or intangible property for safekeeping
using the credit union's safes, vaults, secure receptacles, or safekeeping system;
the safes, vaults, secure receptacles, or safekeeping system of another credit union;
or the safekeeping system of a safekeeping agent or custodian. (B)(1) A credit union may enter into an agreement to rent a safe deposit box to a minor
and accept the appointment of a minor as agent or deputy on any deposit or safe deposit
box by any person, including a minor, maintaining the deposit or safe deposit box. (2) When a credit union enters into a safe deposit box rental agreement with a minor
pursuant to division (B)(1) of this section, all of the following apply: (a) The terms and conditions of the safe deposit box rental agreement are binding on
the minor the same as a person of legal age who rents a safe deposit box. (b) The relationship between the credit union and the minor regarding the safe deposit
box rental agreement is in all respects the same as if the minor were a person of
legal age. (c) The credit union shall incur no liability for any transaction regarding the safe
deposit box solely because of doing business with a minor. (3) Nothing in divisions (B)(1) and (2) of this section shall be construed to limit the
parental rights provided under section 2111.08 of the Revised Code or to limit the rights of a guardian appointed pursuant to Chapter 2111. of the Revised
Code. (C) The superintendent of financial institutions shall promulgate rules to qualify a
credit union, safekeeping agent, or custodian that may receive from another credit
union tangible property and evidence of tangible or intangible property for safekeeping
pursuant to division (A) of this section.
Frequently Asked Questions About Ohio § 1733.242
What does Ohio Revised Code § 1733.242 cover?
Section 1733.242 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1733.242?
A common citation format is "Ohio Revised Code § 1733.242" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1733.242 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.