Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 6. Banks and Financial Institutions |
Chapter 10. SAFE DEPOSIT AND SAFEKEEPING |
Article 1. General Provisions |
Sec 6-1009. Lessor's lien; default of lessee; or failure to surrender
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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.