What you’re quoting is not an actual Chase document or contract but the BS language that’s floating around ONLY in the far-right-nutter echo chamber.
Post a PDF photoscan of an official Chase letter. There must have been millions of these letter sent, and yet, curiously enough not one has been posted anywhere on the Web.
I also called my Chase branch manager at home today (she’s a personal friend) and asked her about this. She laughed and said it’s complete nonsense.
But it's 5 pages of extremely fine print that doesn't post well.
So you can either 1)Ask your friend to give you a copy of the "Updated" "Safe Deposit Agreement" in effect with renewal starting in April 2015 OR 2) Check you renewal after April 2015 AND in either case you will find the clauses quoted exactly as posted.
I have no motivation for spreading BS. I have nothing to gain by convincing you. But be forewarned . Check a Chase "Updated" "Safe Deposit Agreement" and you will find it exactly as I reported.
I'll trust you to be honorable enough to let me know after you've check as I suggested.