Arizona Laws 6-1002. Legal relationship in use of safe deposit facilities
A. The relationship between the lessor and the lessee shall be that of landlord and tenant in the absence of a written contract to the contrary, notwithstanding that the lessor prescribes the hours of entry into its repositories, retains and requires the use of a preparation or guard key and in the case of vault storage reserves the right to change the space occupied by lessees’ property or documents from time to time. The rights, duties, powers and privileges of the lessor in the transaction shall be that of landlord and for all purposes the lessee shall be deemed by law to be in possession of the repository and the contents thereof.
Terms Used In Arizona Laws 6-1002
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Property: includes both real and personal property. See Arizona Laws 1-215
- repository: means a safe deposit box or any other safe deposit receptacle and includes the lessor's vault space made available for use by the lessee in common with others for the storage of property or documents. See Arizona Laws 6-1001
B. The lessor shall not be charged with knowledge of the contents of any repository. The lessor may limit its liability to the lessee by provisions contained in a lease, except that the lessor shall be liable for the acts of its officers and employees for failure to exercise ordinary care.