12-286. Investment of deposits; definition

415 words·~2 min read·/az/title-12/12-286

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The clerk of the superior court may invest monies received in trust in interest bearing savings accounts or certificates of deposit in banks or savings and loan associations doing business in this state whose accounts are insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation. Deposits in excess of the insured amount shall be secured by the depository as prescribed in section 35-323.

B. Interest earned on investments made pursuant to this section shall be deposited in the county general fund.

C. The clerk of the superior court shall establish an accounting system for all monies received in trust which are invested in interest bearing savings accounts or certificates of deposits pursuant to this section.

D. If the county has established a county attorney victim compensation fund pursuant to section 11-538, on the fifteenth day of each month the clerk of the superior court shall transmit seventy-five per cent of the interest earned on restitution monies that are received in trust as prescribed by subsection F, paragraph 4 of this section and that accumulated in the previous month and seventy-five per cent of the interest earned on juvenile restitution monies that are received in trust as prescribed by subsection F, paragraph 5 of this section and that accumulated in the previous month to the county treasurer for deposit in the county attorney victim compensation fund.

E. If the county has established a clerk of the superior court victim location fund pursuant to section 12-287, on the fifteenth day of each month the clerk of the superior court shall transmit twenty-five per cent of the interest earned on restitution monies that are received in trust as prescribed by subsection F, paragraph 4 of this section and that accumulated in the previous month and twenty-five per cent of the interest earned on juvenile restitution monies that are received in trust as prescribed by subsection F, paragraph 5 of this section and that accumulated in the previous month to the county treasurer for deposit in the clerk of the superior court victim location fund.

F. In this section, "monies received in trust" means monies received in a fiduciary capacity by the clerk including all of the following:

1. Civil trust monies.

2. Dissolution sale of proceeds monies.

3. Probate and guardianship trust monies.

4. Criminal bonds and restitution.

5. Juvenile restitution.

6. Habeas corpus trust monies.

7. Mental incompetent trust monies.

8. Adoption trust monies.

9. Condemnation bonds.

10. Support monies.