Arizona Laws 6-556. Multiple party accounts
A. A credit union may enter into multiple party accounts, as provided in Title 14, Chapter 6, Article 1. No multiple party owner, unless he is a member of the credit union in his own right, may vote at member meetings, obtain loans from the credit union or hold office in the credit union or is required to pay a membership fee.
Terms Used In Arizona Laws 6-556
- 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
- Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
- Deposit account: means a balance other than a share account held by a credit union including balances designated as special investment accounts, deposits, certificates of deposit, certificates of indebtedness, demand deposit accounts or other similar names. See Arizona Laws 6-501
- Minor: means a person under eighteen years of age. See Arizona Laws 1-215
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. Payment of part or all of a multiple party account to any of the multiple party owners shall discharge, to the extent of the payment, the liability of the credit union to all such parties unless the account agreement contains a prohibition or limitation on the payment.
C. A member may designate any person to own a share or deposit account with the member under any form of joint ownership permitted by law.
D. A member may own a share or deposit account in trust for a beneficiary, or a nonmember may own a share or deposit account in trust for a beneficiary who is a member. A beneficiary may be a minor.
E. A member may designate any person or persons as payees on a payable-on-death account.