Answer:
by Randy Carey:
Like any such contract, best practices suggest that the current contract be terminated under the terms of the contract by one or both parties (as required) and then a new contract be established with the remaining party. That way, if it is being completed nefariously by one of the parties, this removes any potential liability on the side of the bank.
Answer:
by Ken Golliher:
For example: If rlcarey and I have a joint safe deposit box, he can certainly close the box without penalty if he produces both keys. Thereafter, you are welcome to rent him a different box.
Should you allow him to close out the contract, but then rent him the same box (effectively deny me access to the box you rented to me) you will find yourself standing between the dog and the tree for no good reason.
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