Arizona Laws 14-6204. Sample forms
A. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided. The account is governed by the requirements of this section that are applicable to that account of that type:
Terms Used In Arizona Laws 14-6204
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Disability: means cause for a protective order as described in section 14-5401. See Arizona Laws 14-1201
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
Uniform Single or Multiple Party Account Form
Parties (Name one or more parties):
____________________ _____________________
Ownership (Select one and initial):
_____ single party account
_____ multiple party account
Parties own account in proportion to net contributions unless there is clear and convincing evidence of a
different intent.
Rights at death (select one and initial):
_____ single party account
At death of party, ownership passes as part of party’s estate.
_____ single party account with POD
(pay on death) designation
(Name of one or more beneficiaries):
_______________________ _________________________
At death of party, ownership passes to POD (pay on death) beneficiaries and is not part of party’s estate.
_____ multiple party account with right of survivorship
At death of party, ownership passes to surviving parties.
Multiple party account with right of survivorship and POD (pay on death) designation
(Name one or more beneficiaries):
_________________________ __________________________
At death of last surviving party, ownership passes to POD (pay on death) beneficiaries and is not part of last surviving party’s estate.
_____ multiple party account without right of survivorship
At death of party, deceased party’s owner ship passes as part of deceased party’s estate.
Agency (power of attorney) designation (optional)
Agents may make account transactions for parties but have no ownership or rights at death unless named as POD (pay on death) beneficiaries.
(To add agency designation to account, name one or more agents):
________________________ _________________________
(Select one and initial):
_____ agency designation survives disability or incapacity of parties
_____ agency designation terminates on disability or incapacity of parties
B. A contract of deposit that does not contain provisions in substantially the form provided in subsection A is governed by the requirements of this article that are applicable to the type of account that most nearly conforms to the depositor’s intent.