How can I make a lock unopenable unless one has the key?

You could place an activator object instead of the chest, with a script on it, that disables the activator and enables the real chest, when activated with the key in your inventory?

Might be easier ways.

Unfortunately, I haven't modded in a while, so I have completely forgotten everything I knew about scripting, which wasn't a whole lot to being with. Is there another way?