Arizona Laws 14-6223. Pay on death accounts; payment
A financial institution, on request, may pay sums on deposit in an account with a pay on death designation to:
Terms Used In Arizona Laws 14-6223
- 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
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person to whom sums on deposit in an account are payable on request after the death of all parties or for whom a party is named as a trustee. 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
- 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
- Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
- Request: means a request for payment that complies with all terms of the account, including special requirements concerning necessary signatures and rules of the financial institution, and that, if terms of the account condition payment on advance notice, is treated as immediately effective. 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
1. One or more of the parties, whether or not another party is a party with disabilities, incapacitated or deceased when the payment is requested and whether or not a party survives another party.
2. The beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties.
3. The personal representative or, if there is none, the heirs or devisees of a deceased party, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary.