Arizona § 6-263 Term and termination

Arizona Statutes

§ 6-263 — Term and termination

Arizona·Title 6 Arizona Revised Statutes·Ch. 2 BANK ORGANIZATION AND REGULATION·Art. 5. Special Deposits

A.Unless otherwise provided in an account agreement, a special deposit terminates five years after the date the special deposit was first funded.

B.Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.

C.A bank that pays the remaining balance as provided under subsection B of this section has no further obligation to the special deposit.

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A. Unless otherwise provided in an account agreement, a special deposit terminates five years after the date the special deposit was first funded.

B. Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.

C. A bank that pays the remaining balance as provided under subsection B of this section has no further obligation to the special deposit.

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