Terms Used In Arizona Laws > Title 35 > Chapter 10 - Public Deposits

• Administrator: means the statewide collateral pool administrator. See Arizona Laws 35-1201
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Default or insolvency: includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuance of an order of supervisory authority restraining that depository from making payments of deposit liabilities or the appointment of a receiver for that depository. See Arizona Laws 35-1201
• Defaulting depository: means any eligible depository determined to be in default or insolvent. See Arizona Laws 35-1201
• Eligible collateral: means any collateral that is authorized pursuant to section 35-323. See Arizona Laws 35-1201
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• negligently: import a want of such attention to the nature or probable consequence of the act or omission as a prudent man ordinarily bestows in acting in his own concerns. See Arizona Laws 1-215
• Oversight: Committee review of the activities of a Federal agency or program.
• Public monies: means monies belonging to or received or held by officers of public depositors in their official capacity. See Arizona Laws 35-1201
• Qualified escrow agent: means any bank or trust company that is qualified to hold collateral pledged to secure public deposits pursuant to section 35-1208. See Arizona Laws 35-1201
• Required collateral: means the amount of eligible collateral required for an eligible depository to secure public deposits set by the policies and procedures of the administrator. See Arizona Laws 35-1201
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215