Arizona Laws 7-110. Joint control of assets secured by bond
A. Any party of whom a bond, undertaking or other obligation is required and his surety may make an agreement providing for the safekeeping of any monies or assets for which he and his surety are or may be responsible by depositing them with a bank, savings bank, safe-deposit or trust company authorized by law to do business as such or with any other depository approved by the court if the deposit is otherwise proper. The agreement may provide that the withdrawal of the monies or assets or any part thereof may be made only with the written consent of the surety or upon order of court made on such notice to the surety as the court may direct.
Terms Used In Arizona Laws 7-110
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
B. The agreement authorized by subsection A shall not in any manner release from or change the liability of the principal or surety as established by the terms of the bond.