If we have a Safe Deposit Box with two indivuals (joint tenant), each has a key. Years go by and one of them wants to remove themself from the Box/contract. Is this permissable if that person signs a form and surrenders their key? I don't know what we'd do with the key though, are we obligated to notify the other person? We were always told we should not remove names from existing boxes, they must close the box and open a new one. I cannot find anything in our state law.

You definitely do not want to accept custody of the key unless the box is being closed and a new one rented to the remaining client.

We would close the box and rent a new one to the individual who wants a box.

You got it.

I know it gets done, but other than death of a joint owner, it's never a good idea to remove an owner from any account.