Bill > SB1239

This bill makes a technical correction to an existing Arizona law (Section 6-235) regarding bank deposits made in multiple names. The bill updates the language of the statute to modernize its wording while maintaining the core legal principle that bank deposits can be made in the names of two or more people, including minors, and that these deposits can be paid to either or any of the named individuals, or to the survivors of the group. Specifically, the bill removes archaic terms like "thereof" and "thereon" and replaces them with more contemporary phrasing such as "of" and "on the deposits". The bill preserves the existing legal provision that a bank can release funds to any of the named account holders, and their receipt or order will serve as a valid discharge of the bank's obligation, regardless of whether the other account holders are living or not. This type of technical amendment is common in legislative practice to ensure statutes use clear, current language while maintaining the original intent of the law.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82589