A. A financial institution may enter into a contract of deposit for a multiple party account to the same extent it may enter into a contract of deposit for a single party account and may provide for a pay on death designation and an agency designation in either a single party account or a multiple party account.

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Terms Used In Arizona Laws 14-6221

  • Account: means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. See Arizona Laws 14-6201
  • Application: means a written request to the registrar for an order of informal probate or appointment under chapter 3, article 3 of this title. See Arizona Laws 14-1201
  • Contract: A legal written agreement that becomes binding when signed.
  • Financial institution: means an organization authorized to do business under state or federal laws relating to financial institutions and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association and credit union. See Arizona Laws 14-6201
  • Multiple party account: means an account payable on request to one or more of two or more parties, whether or not a right of survivorship is mentioned. See Arizona Laws 14-6201
  • Party: means a person who, by the terms of an account and subject to a request, has a present right other than as a beneficiary or agent to payment from the account. See Arizona Laws 14-6201

B. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.

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