AZ SB1044

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

Allows banks to deposit fiduciary cash to their own accounts on time or demand basis, or to accounts at other banks with federal deposit insurance corporation coverage.

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

Makes a technical correction by clarifying the reference to Section 6-245, subsection C regarding security requirements for fiduciary deposits.