§ 23-47-301 - Definitions. - Arkansas Statutes

23-47-301. Definitions.

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 an account are payable on request after the death of all parties or for whom a party is named as trustee;

(4) "Devisee" means any person designated in a will to receive a testamentary disposition of real or personal property;

(5) "Party" means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent;

(6) "Payment" of sums on deposit includes withdrawal, payment to a party or third person pursuant to check or other request, and a pledge of sums on deposit by a party, or a setoff, reduction, or other disposition of all or part of an account pursuant to a pledge; and

(7) "Personal representative" includes an executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.