Guam § 106138 - Special Remedies for Nonpayment of Rent.

§ 106138. Special Remedies for Nonpayment of Rent.

(a) If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice

by registered mail to the last known address of the lessee stating that the safe deposit box will be opened

and its contents stored at the expense of the lessee unless payment of the rental is made within 30 days. If

the rental is not paid within 30 days from the mailing of the notice, the box may be opened in the presence

of an officer of the lessor and of a notary public who is not a director, officer, employee or stockholder of

the lessor. The contents shall be sealed in a package by the notary public who shall write on the outside the

name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the

name of the lessee, the date of the opening of the box and a list of its contents. The certificate shall be

included in the package and a copy of the certificate shall be sent by registered mail to the last known

address of the lessee. The package shall then be placed in the general vaults of the lessor at a rental not

exceeding the rental previously charged for the box.

(b) If the contents of the safe deposit box have not been claimed within 2 years of the mailing of the

certificate, the lessor may send a further notice to the last known address of the lessee stating that, unless

the accumulated charges are paid within 30 days, the contents of the box will be sold at public auction at a

specified time and place, or, in the case of securities listed on a stock exchange, will be sold upon the

exchange on or after a specified date and that unsalable items will be destroyed. The time, place and manner

of sale shall also be posted conspicuously on the premises of the lessor and advertised once in a newspaper

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of general circulation in the community. If the articles are not claimed, they may then be sold in accordance

with the notice.

The balance of the proceeds, after deducting accumulated charges, including the expense of advertising and

conducting the sale, shall be deposited to the credit of the lessee in any account maintained by him, or if

none, shall be deemed a deposit account with the bank or trust company operating the safe deposit facility,

or in the case of a subsidiary safe deposit company, a bank or trust company owning stock therein, and shall

be identified on the books of the bank as arising from the sale of contents of a safe deposit box. When any

such deposit is surrendered as unclaimed deposits, the lessor shall also send to the Commissioner a copy of

the certificate and an itemized statement of the amount received and the deductions. Any items remaining

unsold may be destroyed.

(c) Any documents or writings of a private nature, having little or no apparent value need not be offered

for sale, but shall be retained, unless claimed by the owner, for the period specified for unclaimed deposits,

after which they may be destroyed.