N.Y. Banking Law § 317

§ 317. General powers. Every safe deposit company shall, subject to\nthe limitations and restrictions contained in this article, have the\npower:\n 1. To receive upon deposit as bailee for storage, upon terms and\nconditions to be prescribed by the safe deposit company, personal\nproperty and papers of any kind.\n 2. To engage in the safe deposit business by renting vaults, safe\ndeposit boxes and other receptacles upon premises occupied by the safe\ndeposit company upon such terms and conditions as may be prescribed by\nthe safe deposit company.\n