A. Rights at death under section 14-6212 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under the terms of the account. The notice shall be signed by a party and received by the financial institution during the party’s lifetime.

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Terms Used In Arizona Laws 14-6213

  • 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
  • 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
  • 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
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • 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

B. A right of survivorship arising from the express terms of the account, section 14-6212 or a pay on death designation may not be altered by will.

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