Arizona Revised Statutes § 6-395.10 Disposition Of Unclaimed Property

6-395.10. Disposition of unclaimed property

A. As soon after the commencement of liquidation as practicable the receiver shall cause notice to be given by mail to each person at the address shown on the records of the bank who appears from the records to be a bailor of property held by the bank or a lessee of a safety deposit repository. The notice shall demand that the property held by the bank as bailee or located in its safe deposit repositories be withdrawn by a date certain and, if appropriate, the notice shall designate the name of the bank that has assumed the obligations of the closed bank as bailee or repository lessor and the place where the repository or property will be located after a specified date.

B. If the obligations of the closed bank as repository lessor have not been assumed by another bank, the safety deposit repository, the contents of which have not been removed before the date specified in the notice under subsection A of this section, shall be opened by the receiver in the manner provided for repositories upon which the payment of rental is in default. The unclaimed contents of the repositories together with all unclaimed property held by the bank as bailee shall be delivered by the receiver to the clerk of the court having jurisdiction of the receivership to be disposed of pursuant to section 44-302, subsection A, paragraph 11 if not thereafter claimed.

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Last modified: October 13, 2016