Code · Arizona · Title 6 — Banks and Financial Institutions

6-255. Requirements for special deposits

75 words·~1 min read·/az/title-6/6-255

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

A deposit is a special deposit if it is:

1. A deposit of funds in a bank under an account agreement.

2. For the benefit of at least two beneficiaries, one or more of which may be a depositor.

3. Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government.

4. For a permissible purpose as stated in the account agreement; and

5. Subject to a contingency.