Arizona Laws 14-6203. Types of accounts; existing accounts
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A. An account may be for a single party or multiple parties. A multiple party account may be with or without a right of survivorship between the parties. Subject to the requirements of section 14-6212, subsection C, either a single party account or a multiple party account may have a pay on death designation or an agency designation, or both.
Terms Used In Arizona Laws 14-6203
- 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: means a person who is authorized to make account transactions for a party. See Arizona Laws 14-6201
- 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
- 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.
B. An account established before or after December 31, 1994, whether in the form prescribed in section 14-6204 or in any other form, is either a single party account or a multiple party account, with or without the right of survivorship, and with or without a pay on death designation or designating an agent, within the meaning of this section and is governed by this section.