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Can you summarize 6 AZRS Chapter 2, Article 4?
BANK ORGANIZATION AND REGULATIONSec: 6-181-6-395.15 >
Short Summary
The provided legal document governs the payment of deposits in trust for bank accounts. It applies to trustees and beneficiaries of bank deposits. According to the document, bank deposits made in the name of one or more persons as trustees for designated beneficiaries shall be held as a trust account. The trustees have the authority to change the designated beneficiaries during their lifetime by providing a written direction accepted by the bank. The bank is authorized to pay the deposit or any part thereof with interest to any trustee, regardless of the living status of other trustees or beneficiaries. Upon the death of the last surviving trustee, the deposit or any part thereof with interest may be paid to any of the living beneficiaries designated at the time of the last surviving trustee’s death. The receipt, order, or acquittance of the person paid is considered a valid and sufficient release and discharge of the bank. The document does not mention any specific exemptions or penalties. Bank deposits may be made in the name of two or more persons, including minors, payable to either or any of them, or payable to either or any of the survivors or the sole survivor, and the deposits or any part thereof and any interest thereon, may be paid to or on order of any of the persons whether the other or others are living or not. The receipt, order or acquittance of the persons so paid is a valid and sufficient release and discharge to the bank for any payments so made. The document also states that a bank may operate a deposit account in the name of a minor or in the name of two or more persons, one or more of whom are minors, and all rights and liabilities of the bank and any depositor arising out of such account and any act of the parties in relation thereto shall be of the same legal effect as if the minor is of full legal age. Additionally, a bank may contract with the proper authorities of any elementary or secondary school, or of any institution caring for minors, for the participation by the bank in any school or institutional thrift or savings plan, and it may accept deposits at such a school or institution, either by its own collector or by any representative of the school or institution who becomes the agent of the bank for such purpose. The document also addresses the recognition of adverse claims and the authority of a depositor’s agent. Furthermore, it states that a bank may maintain all types of deposit accounts and prescribe terms and conditions relating to the accounts as permissible for the bank to maintain the insurance on its deposits by the federal deposit insurance corporation.
Whom does it apply to?
Trustees and beneficiaries of bank deposits
What does it govern?
Payment of deposits in trust for bank accounts
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Arizona