Arizona Laws 14-6211. Ownership of accounts
A. During the lifetime of all parties an account belongs to the parties in proportion to the net contribution of each to the sums on deposit unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount.
Terms Used In Arizona Laws 14-6211
- 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
- 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.
- 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
- Sums on deposit: means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance and any deposit life insurance proceeds added to the account by reason of death of a party. See Arizona Laws 14-6201
B. A beneficiary in an account having a pay on death designation has no right to sums on deposit during the lifetime of any party.
C. An agent in an account with an agency designation has no beneficial right to sums on deposit.
D. For the purposes of subsection A of this section, "net contribution" means the sum of all deposits to an account made by or for the party, less all payments from the account that are made to or for the party and that have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. Net contribution includes deposit life insurance proceeds added to the account by reason of the death of the party whose net contribution is in question.