6-556. Multiple party accounts
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/az/title-6/6-556A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A credit union may enter into multiple party accounts, which are subject to title 14, chapter 6. A multiple party owner, unless the multiple party owner is a member of the credit union in the owner's own right, may not vote at member meetings, obtain loans from the credit union or hold office in the credit union and is not required to pay a membership fee.
B. Payment of part or all of a multiple party account to any of the multiple party owners shall discharge, to the extent of the payment, the liability of the credit union to all such parties unless the account agreement contains a prohibition or limitation on the payment.
C. A member may designate any person to own a share or deposit account with the member under any form of joint ownership allowed by law.
D. A member may own a share or deposit account in trust for a beneficiary, or a nonmember may own a share or deposit account in trust for a beneficiary who is a member. A beneficiary may be a minor.
E. A member may designate any person or persons as payees on a payable-on-death account.