Arizona § 6-256 Permissible purpose

Arizona Statutes

§ 6-256 — Permissible purpose

Arizona § 6-256

Title 6Arizona Revised Statutes

Ch. 2BANK ORGANIZATION AND REGULATION

Art. 5.Special Deposits

This text of Arizona § 6-256 (Permissible purpose) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 6-256 (2026).

Text

A.A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit.

B.If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection A of this section, sections 6-258, 6-259, 6-260 and 6-261 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection A of this section.

C.If, before termination of a special deposit, a bank determines the special deposit no longer satisfies subsection A of this section, the bank may take action it believes is necessary under the circumstances, including terminating the special deposit.

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A. A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit.

B. If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection A of this section, sections 6-258, 6-259, 6-260 and 6-261 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection A of this section.

C. If, before termination of a special deposit, a bank determines the special deposit no longer satisfies subsection A of this section, the bank may take action it believes is necessary under the circumstances, including terminating the special deposit.