<p>A magnetic latch assembly (10) which is selectively deployed on a cabinet door or drawer (102) and which normally causes a latching portion (40), which includes a permanent magnet (32), to be in a latching or locked position. A magnetic key 200 provided in the vicinity of the magnet (32) causes the latching portion (40) to decouple from an engaged position to a disengaged position, and which automatically returns the latching portion (40) to an engagement position when magnetic key (200) is removed from the vicinity of the magnet (32).</p>
