Arizona § 6-556 Multiple party accounts

Arizona Statutes

§ 6-556 — Multiple party accounts

Arizona § 6-556

Title 6Arizona Revised Statutes

Ch. 4CREDIT UNIONS

Art. 6Accounts

This text of Arizona § 6-556 (Multiple party accounts) 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. § 6-556 (2026).

Text

A.A credit union may enter into multiple party accounts, which are subject to title 14, chapter 6. A multiple party owner, unless the multiple party owner is a member of the credit union in the owner's own right, may not vote at member meetings, obtain loans from the credit union or hold office in the credit union and is not required to pay a membership fee.

B.Payment of part or all of a multiple party account to any of the multiple party owners shall discharge, to the extent of the payment, the liability of the credit union to all such parties unless the account agreement contains a prohibition or limitation on the payment.

C.A member may designate any person to own a share or deposit account with the member under any form of joint ownership allowed by law.

D.A member may own a sha

Free access — add to your briefcase to read the full text and ask questions with AI

A. A credit union may enter into multiple party accounts, which are subject to title 14, chapter 6. A multiple party owner, unless the multiple party owner is a member of the credit union in the owner's own right, may not vote at member meetings, obtain loans from the credit union or hold office in the credit union and is not required to pay a membership fee.

B. Payment of part or all of a multiple party account to any of the multiple party owners shall discharge, to the extent of the payment, the liability of the credit union to all such parties unless the account agreement contains a prohibition or limitation on the payment.

C. A member may designate any person to own a share or deposit account with the member under any form of joint ownership allowed by law.

D. A member may own a share or deposit account in trust for a beneficiary, or a nonmember may own a share or deposit account in trust for a beneficiary who is a member. A beneficiary may be a minor.

E. A member may designate any person or persons as payees on a payable-on-death account.