Arizona Laws 14-6205. Designation of agent; authority; termination
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A. By a writing signed by all parties, the parties may designate as an agent for all of the parties on the account a person who is not a party to the account.
Terms Used In Arizona Laws 14-6205
- 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
- Disability: means cause for a protective order as described in section 14-5401. See Arizona Laws 14-1201
- Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
- 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
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Writing: includes printing. See Arizona Laws 1-215
B. Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’s authority survives disability and incapacity. The agent may act for a party with disabilities or incapacitated party until the authority of the agent is terminated. The death of the sole party or last surviving party terminates the authority of an agent.