A lease of a repository shall not be invalid or voidable by reason of the minority of the lessee or lessees and all rights and liabilities of the lessor and any lessee arising out of such transaction and any act of the parties in relation thereto shall be of the same legal effect as if the minor were of full legal age.

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Terms Used In Arizona Laws 6-1005

  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Minor: means a person under eighteen years of age. 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
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