Terms Used In Arizona Laws > Title 14 > Chapter 6 - Nonprobate Transfers

• 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
• Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, a person who is authorized to make decisions concerning another person's health care and a person who is authorized to make decisions for another person under a natural death act. See Arizona Laws 14-1201
• Agent: means a person who is authorized to make account transactions for a party. 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
• Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• 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}
• Beneficiary: means a person to whom sums on deposit in an account are payable on request after the death of all parties or for whom a party is named as a trustee. See Arizona Laws 14-6201
• Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
• Beneficiary form: means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security on the owner's death. See Arizona Laws 14-6301
• Child: includes a person who is entitled to take as a child under this title by intestate succession from the parent whose relationship is involved. See Arizona Laws 14-1201
• Community: means a city, incorporated town, unincorporated town, community or village. See Arizona Laws 6-401
• Community property: means that property of a husband and wife that is acquired during the marriage and that is community property as prescribed in section 25-211. See Arizona Laws 14-1201
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Devisee: means a person designated in a will to receive a devise. See Arizona Laws 14-1201
• Disability: means cause for a protective order as described in section 14-5401. See Arizona Laws 14-1201
• 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
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or power of attorney or supported decision-making agreement or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
• Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
• Intestate: Dying without leaving a will.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Letters: includes letters testamentary, letters of guardianship, letters of administration and letters of conservatorship. See Arizona Laws 14-1201
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minor: means a person who is under eighteen years of age. See Arizona Laws 14-1201
• 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
• Organization: means a corporation, limited liability company, business trust, estate, trust, partnership, joint venture, association, government or governmental subdivision or agency or any other legal or commercial entity. See Arizona Laws 14-1201
• 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
• Person: means an individual or an organization. See Arizona Laws 14-1201
• Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
• POD: means the designation of:

  (a) A beneficiary in an account payable on request to one party during the party's lifetime and on the party's death to one or more beneficiaries or to one or more parties during their lifetimes and on the death of all of them to one or more beneficiaries. See Arizona Laws 14-6201

• Probate: Proving a will
• Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
• Property: includes both real and personal property. See Arizona Laws 1-215
• Registering entity: means a person who originates or transfers a security title by registration and includes a broker who maintains security accounts for customers and a transfer agent or other person who acts for or as an issuer of securities. See Arizona Laws 14-6301
• Registrar: means the official of the court who is designated to perform the functions of registrar as provided in section 14-1307. See Arizona Laws 14-1201
• Request: means a request for payment that complies with all terms of the account, including special requirements concerning necessary signatures and rules of the financial institution, and that, if terms of the account condition payment on advance notice, is treated as immediately effective. See Arizona Laws 14-6201
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
• Security: means any share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer and includes a certificated security, an uncertificated security and a security account. See Arizona Laws 14-6301
• Security account: means :

  (a) A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death. See Arizona Laws 14-6301

• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• State: means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. See Arizona Laws 14-9101
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Successors: means persons, other than creditors, who are entitled to property of a decedent under a will or this title. See Arizona Laws 14-1201
• Sums on deposit: means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance and any deposit life insurance proceeds added to the account by reason of death of a party. See Arizona Laws 14-6201
• Survive: means that a person has neither predeceased an event, including the death of another person, nor is deemed to have predeceased an event under section 14-2104 or 14-2702. See Arizona Laws 14-1201
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Terms of the account: includes the deposit agreement and other terms and conditions of the contract of deposit and includes the contract form. See Arizona Laws 14-6201
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transferor: means a person who creates a custodial trust by transfer or declaration. See Arizona Laws 14-9101
• Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
• Will: includes a codicil and any testamentary instrument that merely appoints an executor, revokes or revises another will, nominates a guardian or expressly excludes or limits the right of an individual or class to succeed to property of the decedent passing by intestate succession. See Arizona Laws 14-1201