Arizona Laws 14-6227. Financial institutions; right to setoff against account
Current as of: 2023 | Check for updates
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Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a financial institution the financial institution has a right to a setoff against the account. The amount of the account subject to a setoff is the proportion to which the party is, or immediately before death was, beneficially entitled under section 14-6211 or, in the absence of proof of that proportion, an equal share with all parties.
Terms Used In Arizona Laws 14-6227
- 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
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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