As of today , 10/14/2012 , chest lock is no longer enabled on the servers. Due to problems with people locking public chests and such.
Please note that any chest outside of a home is considered by definition a public chest, if you're looking for a way to keep your items and such safe, consider reading over the residence mod,
http://www.southerncrossgaming.org/boards/index.php?topic=494.0
or virtual chest
http://www.southerncrossgaming.org/boards/index.php?topic=613.0