Arizona Laws 6-1007. Lessee’s death or incompetency; revocation of power of attorney
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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.
Terms Used In Arizona Laws 6-1007
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Writing: includes printing. See Arizona Laws 1-215