A lock mechanism for interengaging two relatively movable components includes a bolt mounted within a first component and interengageable with a second component when the first and second components are in a predetermined position relative to each other and the bolt is extended. A magnetically-releasable latch mechanism is positioned to latch the bolt in a retracted position and is mounted for movement between a biased latch engaging position and a latch releasing position in a non-common direction of movement of the bolt. A first magnet is disposed within a trigger being translatable along an axis parallel to a longitudinal axis of the bolt and a second magnet is positioned to displace the latch mechanism to the latch releasing position as the trigger is caused to translate vertically when the first component is in the predetermined position relative to the second component to permit displacement of the bolt to the extended position.