6-1601. Financial institutions data match and data exchange; surrender of assets of delinquent taxpayer; nonliability
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/az/title-6/6-1601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Financial institutions may enter into agreements with the department of revenue for data match and data exchange as prescribed by section 42-1207.
B. On receipt of a notice of levy, a financial institution shall encumber or surrender, as appropriate, assets held by the financial institution on behalf of a delinquent taxpayer. If the financial institution receives two notices of levy on the same day for the same person, a levy issued to collect child support pursuant to section 25-521 has priority over a levy issued pursuant to this section.
C. Notwithstanding any other law, a financial institution is not subject to civil liability for either:
1. Disclosing to the department of revenue or its agent a person's financial record pursuant to section 42-1207 or any acts of omission that are inadvertent and made in good faith.
2. Encumbering or surrendering any assets held by the financial institution in response to a notice of levy that is issued by the department of revenue or for any action taken in good faith to comply with this section.
D. The remedy under subsection B of this section is limited to collection of delinquent taxes, penalties and interest.