In this subchapter: (1) “Account” means a contract of deposit between a depositor and a bank, and includes a checking account, savings account, and certificate of deposit; (2) “Agent” means a person authorized to make account transactions for a party; (3) “Beneficiary” means a person named as one (1) to whom sums on deposit in […]
(a) This subchapter applies to accounts in this state. (b) This subchapter does not apply to: (1) An account established for a partnership, joint venture, or other organization for a business purpose; (2) An account controlled by one (1) or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or […]
A contract of deposit that substantially contains the following form establishes an agency account, and the account is governed by the provisions of this subchapter applicable to agency accounts: “AGENCY (POWER OF ATTORNEY) DESIGNATION Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries. [To […]
(a) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’s authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated. (b) Death of the sole party or […]
On request of an agent under an agency designation for an account, a bank may, unless it actually knows that the authority of agency has terminated, pay to the agent sums on deposit in the account.
If a bank is required or permitted to make payment pursuant to this subchapter to a minor designated as a beneficiary, payment may be made pursuant to the Arkansas Uniform Transfers to Minors Act, § 9-26-201 et seq.
(a) (1) Payment made pursuant to this subchapter in accordance with an agency account discharges the bank from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors. (2) Payment may be made whether or not a party, […]
(a) Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a bank, the bank has a right to setoff against the agency account. (b) The amount of the agency account subject to setoff is the proportion to which the party is, or […]
This subchapter is supplemental to all laws pertaining to the deposit of funds in banks.
