Texas Finance Code - Section 59.109. Delinquent Rental; Lien; Sale Of Contents
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Texas Lawyer > Finance Code > Texas Finance Code - Section 59.109. Delinquent Rental; Lien; Sale Of Contents
§ 59.109. DELINQUENT RENTAL; LIEN; SALE OF
CONTENTS. (a) If the rental for a safe deposit box is delinquent
for at least six months, the safe deposit company may send notice to
each lessee that the company will remove the contents of the box if
the rent is not paid before the date specified in the notice, which
may not be earlier than the 60th day after the date the notice is
delivered or sent. If the rent is not paid before the date
specified in the notice, the safe deposit company may open the box
in the presence of two employees, at least one of whom is an officer
or manager of the safe deposit company and at least one of whom is a
notary public. The safe deposit company shall inventory the
contents of the box in detail as provided by the comptroller's
reporting instructions and place the contents of the box in a sealed
envelope or container bearing the name of the lessee.
(b) The safe deposit company has a lien on the contents of
the box for an amount equal to the rental owed for the box and the
cost of opening the box. The safe deposit company may retain
possession of the contents. If the rental and the cost of opening
the box are not paid before the second anniversary of the date the
box was opened, the safe deposit company may sell all or part of the
contents at public auction in the manner and with the notice
prescribed by Section 51.002, Property Code, for the sale of real
property under a deed of trust. Any unsold contents of the box and
any excess proceeds from a sale of contents shall be remitted to the
comptroller as provided by Chapters 72-75, Property Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 59.102 59.103 59.104 59.105 59.106 59.107 59.108 59.109 59.110 59.201 59.202 59.301 59.302 59.303 59.304
Last modified: August 10, 2007
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