Arizona Arizona Revised Statutes
§ 6-263 — Term and termination
ARS § 6-263Title 6. Banks and Financial Institutions · Ch. 2. BANK ORGANIZATION AND REGULATION · Art. 5.1. Special Deposits
Statute text
View on source6-263. Term and termination A. Unless otherwise provided in an account agreement, a special deposit terminates five years after the date the special deposit was first funded. B. Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries. C. A bank that pays the remaining balance as provided under subsection B of this section has no further obligation to the special deposit.