Arkansas Code
Subchapter 5 - Agency Designation on Certificates of Deposit
§ 23-32-501. Definitions

In this subchapter:
(1) “Account” means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, and share account;
(2) “Agent” means a person authorized to make account transactions for a party;
(3) “Beneficiary” means a person named as one 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) “Financial institution” means an organization authorized to do business under state or federal laws relating to financial institutions, and includes a savings bank, building and loan association, savings and loan company or association, and credit union;
(6) “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;
(7) “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;
(8) “Person” means an individual, a corporation, an organization, or other legal entity; and
(9) “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.

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