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Texas Finance Code - FIN § 125.510. Delinquent Rents

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) If the rental of a safe deposit box is delinquent for six months or longer, the credit union may open the box only if:

(1) the credit union sends notice of the delinquency to the lessee;  and

(2) the rent is not paid before the date specified in the notice.

(b) The notice must:

(1) be sent by certified mail, return receipt requested, to the lessee named in the books of the credit union at the address shown in those books;  and

(2) specify a date by which payment must be made that may not be before the 61st day after the date on which the notice is mailed.

(c) The box must be opened in the presence of two employees, and the credit union shall prepare a detailed inventory of the contents of the box as provided by reporting instructions of the comptroller.  At least one of the employees must be an officer or manager of the credit union and a notary public.

(d) The credit union shall place the contents of the box in a sealed envelope or container that states the lessee's name.  The credit union shall hold the contents of the box subject to a lien for:

(1) the box's rental;

(2) the cost of opening the box;  and

(3) any damage in connection with the box.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 125.510. Delinquent Rents - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-125-510/

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