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Home > Statutes > Usa Arizona

USA Statutes : arizona
Title : Banks and Financial Institutions
Chapter : SAFE DEPOSIT AND SAFEKEEPING

6-1001 Definitions
In this article, unless the context otherwise requires:
1. "Lessee" means a person contracting with a lessor for the use of a safe deposit
repository.
2. "Lessor" means a corporation or association authorized under the laws of this
state, any other state or the United States to do business as a bank, trust company,
credit union or savings and loan association and maintaining safe deposit repositories
for public use.
3. "Safe deposit repository" or "repository" means a safe deposit box or any other
safe deposit receptacle and includes the lessor's vault space made available for use by
the lessee in common with others for the storage of property or documents.

6-1002 Legal relationship in use of safe deposit facilities
A. The relationship between the lessor and the lessee shall be that of landlord and
tenant in the absence of a written contract to the contrary, notwithstanding that the
lessor prescribes the hours of entry into its repositories, retains and requires the use
of a preparation or guard key and in the case of vault storage reserves the right to
change the space occupied by lessees' property or documents from time to time. The
rights, duties, powers and privileges of the lessor in the transaction shall be that of
landlord and for all purposes the lessee shall be deemed by law to be in possession of
the repository and the contents thereof.
B. The lessor shall not be charged with knowledge of the contents of any
repository. The lessor may limit its liability to the lessee by provisions contained in
a lease, except that the lessor shall be liable for the acts of its officers and
employees for failure to exercise ordinary care.

6-1003 Change of location of repositories
A lessor may, during the term of any lease, move its repositories and the contents
to another location upon giving notice to the lessees in the manner and time required by
such regulations as the superintendent may adopt.

6-1004 Tenancy in two or more names
A tenancy in a safe deposit repository may be created by contract with two or more
persons, including minors, named as lessees. The terms of the contract may provide that
any one or more of the lessees, or the survivor or survivors of the lessees shall have
access and entry to the repository and the right to remove the contents from the
repository whether the other lessee or lessees be living, incompetent or dead, and the
lessor shall not be liable for the removal of any contents.

6-1005 Lease to a minor
A lease of a repository shall not be invalid or voidable by reason of the minority
of the lessee or lessees and all rights and liabilities of the lessor and any lessee
arising out of such transaction and any act of the parties in relation thereto shall be
of the same legal effect as if the minor were of full legal age.

6-1006 Adverse claims to repository; definitions
A. Notice to the lessor of an adverse claim is not effectual to require the lessor
to deny access to any person previously named on its records as lessee or as officer or
agent of any lessee, nor is it sufficient to require the lessor to allow access to the
repository by any adverse claimant unless the lessor is directed to do so by the order of
a court; provided in the absence of such court order the lessor may refuse to allow
access to any person.
B. For the purposes of this section:
1. "Adverse claim" means a claim by a person who is not a named lessee to the right
of access to a safe deposit repository or to all or part of the contents
thereof. "Adverse claim" also includes the conflicting claims of agents or officers of
the lessee and the claim of any of several named lessees to the exclusive right of access
to the repository contrary to the terms of the lease.
2. "Adverse claimant" means any person asserting an adverse claim.

6-1007 Lessee's death or incompetency; revocation of power of attorney
Neither the death nor incompetency of a lessee revokes the authority of a lessor to
deal with an agent who has been authorized in writing by such lessee until the lessor has
actual knowledge of the fact of death or of an adjudication of incompetency of the
lessee, nor is the revocation of authority of such agent effective as to the lessor until
the lessor receives written notice of the revocation signed by the individual lessee who
granted the authority or, in the case of a corporation, partnership or association,
evidence satisfactory to the lessor of such revocation.

6-1008 Procedure on death of lessee
In the event only one lessee is named in the lease of a repository and the lessee
dies, or on the death of last surviving lessee under a tenancy in two or more names, the
repository may be opened by two employees of the lessor in the presence of any person who
presents himself and claims to be interested in the contents. The employees may remove
any document which appears to be of a testamentary nature and deliver it to any person
named in the document as executor or to a clerk of the superior court. The employees may
also remove any policies insuring the life of the deceased lessee and deliver them to the
beneficiaries named in the policies. All other contents of the repository shall be
retained by the lessor and shall be delivered only to the person legally entitled to
them.

6-1009 Lessor's lien; default of lessee; or failure to surrender
A. The lessor shall have a landlord's lien upon the contents of a repository for
the rent.
B. If the lessee does not pay the rent within six months after it is due, or fails
to surrender possession of the repository within six months from the date of termination
of the lease, then the lessor, after giving not less than sixty days' written notice to
the lessee personally or by registered mail addressed to the latest address shown upon
the safe deposit records of the lessor of its intention to sell the contents of the
repository for the payment of rent and expenses, may forcibly open the repository and in
the presence of two of its employees remove and inventory the contents and seal them in a
package which shall be placed in the general vaults of lessor at a rental not exceeding
the rental previously charged for the repository; provided, the employees may deliver to
a clerk of the superior court any document which appears to be of a testamentary
nature. The lessor shall retain the contents for at least ninety days thereafter and may
then foreclose its lien under section 33-1023 but the unclaimed surplus funds or property
shall be disposed of under title 44, chapter 3.

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