A. A bank may continue to recognize any act of a depositor’s agent as authorized by the depositor in writing to the bank until the bank receives a written notice of revocation signed by the individual depositor who granted the authority or, in the case of a corporation, partnership or association, evidence satisfactory to the bank of such revocation.

Terms Used In Arizona Laws 6-232

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Writing: includes printing. See Arizona Laws 1-215

B. Notwithstanding that a bank has received written notice of revocation of the authority of such agent, it may, until ten days after receipt of such notice, pay any item made, drawn, accepted or indorsed by such agent prior to such revocation, provided that such item is otherwise properly payable.

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