AZ SB1009

Amends Arizona Revised Statutes Section 6-384 regarding deposit of fiduciary funds held by banks.

Allows cash held by a bank as fiduciary to be deposited in time or demand accounts with itself or another bank insured by the federal deposit insurance corporation.

Requires banks depositing fiduciary funds with themselves to secure such deposits with securities described in Section 6-352, subsection D, paragraph 2, or other superintendent-approved security in an amount equal to the deposit.

Makes a technical correction referencing the security requirements under Section 6-245, subsection C.