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2017 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-232 Powers of attorney; notice of revocation; payment after notice
Universal Citation: AZ Rev Stat § 6-232 (2017)
6-232. Powers of attorney; notice of revocation; payment after notice
A. A bank may continue to recognize any act of a depositor's agent as authorized by the depositor in writing to the bank until the bank receives a written notice of revocation signed by the individual depositor who granted the authority or, in the case of a corporation, partnership or association, evidence satisfactory to the bank of such revocation.
B. Notwithstanding that a bank has received written notice of revocation of the authority of such agent, it may, until ten days after receipt of such notice, pay any item made, drawn, accepted or indorsed by such agent prior to such revocation, provided that such item is otherwise properly payable.
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