6-434 - Arizona Statutes

6-434. Shares and accounts of certain associations as legal investments; deposit of fiduciary monies A. All accounts of a federal savings and loan association and all accounts of a savings and loan association operating under the provisions of this chapter, whose accounts are insured by the federal deposit insurance corporation, as provided in title IV of the national housing act, as now or hereafter amended, are legal investments for the funds of executors, administrators, guardians, receivers and trustees of every kind and nature and insurance companies, and such associations are qualified to act as trustee or custodian within the provisions of the federal self-employed individual's tax retirement act of 1962, as amended. B. Monies held by a savings and loan association as fiduciary may be deposited to the credit of the savings and loan association on time or demand account with itself or with any bank or other savings and loan association the deposits of which are insured by instrumentalities of, or corporations chartered by, the United States for the purpose of insuring the accounts of banks or savings and loan associations. Unless otherwise provided by the writing creating the trust, if the monies are deposited with itself the savings and loan association shall secure the deposits with securities described in section 6-446, subsection A, paragraphs 1 and 2 or other security approved by the superintendent for such a purpose, in the amount of the deposit, less the amount by which the deposits are insured by the federal deposit insurance corporation or such other instrumentality of, or corporation chartered by, the United States as may be established for the purpose of insuring the accounts of savings and loan associations.