20-632. Deposit of monies collected
106 words·~1 min read·
/az/title-20/20-632A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The monies collected by the receiver in a proceeding under this article shall be from time to time deposited in one or more state or national banks, savings banks or trust companies, and in the case of the insolvency or voluntary or involuntary liquidation of any such depositary which is an institution organized and supervised under the laws of this state, such deposits shall be entitled to priority of payment on an equality with any other priority given by the banking laws of this state. The receiver may deposit such monies or any part thereof in a national bank or trust company as a trust fund.