PREFILED DEC 13 2010
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REFERENCE TITLE: fiduciary funds; deposits; technical correction |
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State of Arizona Senate Fiftieth Legislature First Regular Session 2011
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SB 1009 |
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Introduced by Senator Pierce S
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AN ACT
amending section 6-384, Arizona Revised Statutes; relating to the deposit of fiduciary funds.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 6-384, Arizona Revised Statutes, is amended to read:
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 D, 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, subsection C.