Arizona Revised Statutes § 6-432 Effect Of Payment To Minor Or Fiduciary

6-432. Effect of payment to minor or fiduciary

A. Unless the written agreement provides otherwise, or unless the association has had written notice of the terms under which a fiduciary holds an account, the association may pay the value thereof and dividends thereon:

1. To any minor who is the holder of such account.

2. To such fiduciary who is the holder of such account without becoming liable to any beneficiary for such payment.

B. In each of the foregoing instances the receipt or acquittance of the person or persons to whom payment is made in accordance with the provisions of this section shall be a complete discharge of the association's obligation as to the amount so paid.

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Last modified: October 13, 2016