9-1506.   Default of lessee; lien on contents; notice; disposition ofcontents.The lessor shall have a lien upon the contents of any safe deposit boxfor the rental thereon. If the lessee shall not pay the rent within thirty(30) days after the same is due, then the lessor, after giving not lessthan sixty (60) days' written notice to the lessee, personally or byregistered mail delivered to the latest address shown upon the safe depositrecords of the lessor, of its intention to sell the contents of said boxfor the payment of rent and expenses may open the box forcibly and removethe contents in the presence of two of its employees, one of whom shall bean officer thereof. The lessor then shall retain such contents for at leastninety (90) days thereafter and the lessor then may sell any part or all ofsaid contents at public sale by giving notice thereof in like manner asnotice is required when chattels are sold under execution, and retain fromthe proceeds of sale and the rental due it, the costs of opening andrepairing the box, and the costs of sale. Any article, item or documentwithout apparent market value may be destroyed after two (2) years from thedate of giving or mailing the required notice.

      History:   L. 1947, ch. 102, § 75; L. 1975, ch. 44, § 26; July 1.