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.

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Terms Used In Arizona Laws 6-1004

  • Contract: A legal written agreement that becomes binding when signed.
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Lessee: means a person contracting with a lessor for the use of a safe deposit repository. See Arizona Laws 6-1001
  • 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. See Arizona Laws 6-1001
  • 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. See Arizona Laws 6-1001
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