14-5603. Deposit of funds; investment plan
242 words·~1 min read·
/az/title-14/14-5603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. All funds coming into the custody of the public fiduciary shall be deposited in the county treasury and disbursed at the direction of the public fiduciary or shall be deposited or invested in one or more insured banks or in one or more insured credit unions authorized to do business in the county or in one or more insured savings and loan associations authorized to do business in the county, and if there are no such insured banks, insured credit unions or insured savings and loan associations in the county, then the public fiduciary may deposit the funds in any insured bank or insured credit union or insured savings and loan association in the state.
Money deposited with the county treasurer or deposited or invested with an insured bank, insured credit union or insured savings and loan association shall be withdrawn only at the direction of the public fiduciary.
B. The public fiduciary may establish or continue an estate or investment plan of the public fiduciary's ward if all of the following apply:
1. The public fiduciary receives the approval of the court for the plan.
2. The plan is consistent with the standard of care imposed on trustees in sections 14-10804 and 14-10806.
3. The public fiduciary has obtained a surety bond in the amount of the assets within the plan if the court finds that a surety bond is necessary or desirable to protect the assets within the plan.