(a) In the absence of a contract to the contrary, the relationship between a credit union and the renter of a safe deposit box maintained at the credit union is that of lessor and lessee and landlord and tenant. The rights and liabilities of the credit union are governed by the law governing those relationships.
(b) The lessee is for all purposes in possession of the box and its contents.
Official text of the Texas Finance Code as published by the Texas Legislative Council.