§ 23-32-501 — Definitions

Arkansas § 23-32-501

• Jurisdiction: Arkansas
• Title: 23

Text

In this subchapter: (1) "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; (2) "Agent" means a person authorized to make account transactions for a party; (3) "Beneficiary" means a person named as one 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 trustee; (4) "Devisee" means any person designated in a will to receive a testamentary disposition of real or personal property; (5) "Financial institution" means an organization authorized to do business under state or federal laws relating to financial institutions, and includes a savings bank, building and loan association, savings and loan company or association, and credit union; (6) "Party" means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent; (7) "Payment" of sums on deposit includes withdrawal, payment to a party or third person pursuant to check or other request, and a pledge of sums on deposit by a party, or a setoff, reduction, or other disposition of all or part of an account pursuant to a pledge; (8) "Person" means an individual, a corporation, an organization, or other legal entity; and (9) "Personal representative" includes an executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.

Legislative History

Acts 1997, No. 85, § 1.