Arizona Revised Statutes § 6-384 Deposit Of Fiduciary Funds

6-384. Deposit of fiduciary funds

Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary on time or demand account with itself or with any other bank the deposits of which are insured by the federal deposit insurance corporation. Unless otherwise provided by the writing creating the trust, if such funds are deposited with itself the bank shall secure such deposits with securities described in section 6-352, subsection A, paragraph 2, or other security approved by the superintendent for the purpose, in the amount of the deposit, subject to subsection C of section 6-245.

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Last modified: October 13, 2016