A. Unless the written agreement provides otherwise, or unless the association has had written notice of the terms under which a fiduciary holds an account, the association may pay the value thereof and dividends thereon:

Terms Used In Arizona Laws 6-432

  • Account: means withdrawable capital deposited with or invested in an association in accordance with any plan authorized by this chapter unless such term is otherwise designated or qualified. See Arizona Laws 6-401
  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Minor: means a person under eighteen years of age. See Arizona Laws 1-215
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215

1. To any minor who is the holder of such account.

2. To such fiduciary who is the holder of such account without becoming liable to any beneficiary for such payment.

B. In each of the foregoing instances the receipt or acquittance of the person or persons to whom payment is made in accordance with the provisions of this section shall be a complete discharge of the association’s obligation as to the amount so paid.

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