§ 18-27-102 - Safe-deposit boxes. - Arkansas Statutes

18-27-102. Safe-deposit boxes.

(a) Any state, national or private bank, savings and loan association, hotel, or other private safe-deposit company, in this subchapter referred to as a bank, financial institution, or company, may maintain safe-deposit boxes and rent the safe-deposit boxes.

(b) (1) If a safe-deposit box is held in the name of two (2) or more persons jointly, any one (1) of such persons shall be entitled to access to the box and shall be permitted to remove the contents thereof, and the bank, financial institution, or company shall not be responsible for any damage arising by reason of the access or removal by one (1) of the persons.

(2) The death of one (1) holder of a jointly held safe-deposit box does not affect the right of any other holder of the box to have access to and remove contents from the box.

(c) (1) If the box rental is delinquent for six (6) months, the bank, financial institution, or company, after at least thirty (30) days' notice by certified return receipt mail addressed to the lessee at his or her last known address on the books of the bank, financial institution, or company, if the rent is not paid within the time specified in the notice, may open the box in the presence of two (2) employees, at least one (1) of whom is an officer or manager of the bank, financial institution, or company, and a notary public.

(2) The bank, financial institution, or company must inventory the contents of the box in detail and place the contents of the box in a sealed envelope or container bearing the name of the lessee.

(3) (A) The bank, financial institution, or company shall then hold the contents of the box subject to a lien for its rental, the cost of opening the box, and the damages in connection therewith.

(B) If such rental, cost, and damages are not paid within two (2) years from the date of opening of such box, the bank, financial institution, or company may sell any part or all of the contents at public auction in like manner and upon like notice as is prescribed for the sale of real property under mortgage or deed of trust.

(C) Any unauctioned contents of boxes and any excess proceeds from such sale shall be remitted to the Auditor of State under the procedures prescribed by 18-28-201 et seq.