6-841.01 - Arizona Statutes

6-841.01. Fiduciary duty; notice of returned check A. An escrow agent is the trustee of all monies received or collected and held in escrow. An agent shall not knowingly or negligently commingle trust monies with the escrow agent's own monies or with monies held in any other capacity. Every escrow agent and every officer, director and employee of an escrow agent who has actual knowledge of fraud or dishonesty in the application of escrow monies, owes a fiduciary duty as trustee to the owner of the monies held in escrow. B. An escrow agent shall notify the superintendent of any returned check for insufficient funds or overdraft on any of the escrow agent's trust or fiduciary accounts. The superintendent may revoke, suspend or refuse to renew the escrow agent's license for failure to comply with this subsection.