Arizona Laws 6-236. Payment of deposits in trust
Bank deposits may be made in the name of one or more persons as trustees for one or more persons designated as beneficiaries. The account and any balance thereof which exists from time to time shall be held as a trust account and unless otherwise agreed between the trustees and the bank:
Terms Used In Arizona Laws 6-236
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
1. Any such trustee during the trustee’s lifetime may change any of the designated beneficiaries by a written direction accepted by the bank.
2. The deposit or any part thereof with interest may be paid to or on the order of any trustee whether any other trustee or beneficiary is living or not. Any such payment shall constitute a lawful revocation of the trust as to the amount withdrawn and the receipt order or acquittance of the person so paid is a valid and sufficient release and discharge of the bank as to the amount so paid.
3. Upon the death of the last surviving trustee the deposit or any part thereof with interest may be paid to or on order of any of the persons designated as beneficiaries who are living at the death of the last surviving trustee and the receipt order or acquittance of the person so paid is a valid and sufficient release and discharge of the bank as to the amount so paid.