9-1506. Default of lessee; lien on contents; notice; disposition of contents.
9-1506
9-1506. Default of lessee; lien on contents; notice; disposition of
contents.
The lessor shall have a lien upon the contents of any safe deposit box
for 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 less
than sixty (60) days' written notice to the lessee, personally or by
registered mail delivered to the latest address shown upon the safe deposit
records of the lessor, of its intention to sell the contents of said box
for the payment of rent and expenses may open the box forcibly and remove
the contents in the presence of two of its employees, one of whom shall be
an officer thereof. The lessor then shall retain such contents for at least
ninety (90) days thereafter and the lessor then may sell any part or all of
said contents at public sale by giving notice thereof in like manner as
notice is required when chattels are sold under execution, and retain from
the proceeds of sale and the rental due it, the costs of opening and
repairing the box, and the costs of sale. Any article, item or document
without apparent market value may be destroyed after two (2) years from the
date of giving or mailing the required notice.
History: L. 1947, ch. 102, § 75; L. 1975, ch. 44, § 26; July 1.