A bank sought the court’s assistance in resolving a novel problem, namely its possession in its London branch of 14 safety deposit boxes which it appeared to have held for between 44 and 122 years and, in relation to which, the bank was unable to trace, or communicate with, the owners or their successors in title. The court gave the bank permission to sell the items of those depositors, or their successors, whose whereabouts could not be traced despite the diligence efforts of the bank.

There were originally 100 or so boxes but the bank and its solicitors spent two years investigating and traced all but 14 of the individuals with a right to possess the contents.

The bank suggested five different possible legal remedies to the court because, in the absence of any person concerned having notice of the proceedings, it was the bank’s duty to place all possible options in front of the court.

The court examined the English law of bailment. A bailee assumes a duty to take reasonable care of the things placed in their possession. The court rejected a suggestion that there was a breach by the depositors in not collecting their items and an implied term that brought the contract to an end after a reasonable period. Abandonment of the property was not the solution because there was no evidence before the court as to why and in what circumstances the original depositors, or their successors have failed to come forward. Some of the items were valuable and there could be no inference that they had been abandoned. It was held that, to the extent there was an implied term, it did not confer an entitlement to sell the property in the safety deposit boxes. The court was satisfied the bank had done its best to present arguments in a balanced and fair manner and had done its best to trace the individuals entitled to the property. The court therefore was prepared to grant a declaration allowing the property to be sold on the basis of the bank enjoying immunity from liability in respect of the sale.

Items placed in safety deposit boxes from 1978 are dealt with in terms of UK legislation which permits the sale in certain stated circumstances.

There must be many other situations of this nature around the world.

[Credit Agricolé Corporate and Investment Bank and Unknown Defendants [2025] EWHC 1346 (Ch)]