§ 23-47-906 - Remedies and procedures for nonpayment of rent. - Arkansas Statutes

23-47-906. Remedies and procedures for nonpayment of rent.

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

(b) The bank shall inventory the contents of the safe-deposit box in detail and place the contents of the safe-deposit box in a sealed envelope or container bearing the name of the lessee.

(c) (1) The bank shall hold the contents of the safe-deposit box subject to a lien for its rental, the cost of opening the safe-deposit box, and the damages in connection therewith.

(2) If the rental, cost, damages, and any other lawful charges for the use of the safe-deposit box or the holding of the contents thereof are not paid within two (2) years from the date of opening of the safe-deposit box, the bank may sell at that time or at any time prior to seven (7) years from the date the safe-deposit box lease expired 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.

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