Arizona Laws 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.
Terms Used In Arizona Laws 6-1006
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- 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
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.