{"data":{"id":"us-ar/ark.-code-ann.-23-32-501","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 23-32-501","heading":"Definitions","body":"In this subchapter:\n\n(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;\n\n(2) \"Agent\" means a person authorized to make account transactions for a party;\n\n(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;\n\n(4) \"Devisee\" means any person designated in a will to receive a testamentary disposition of real or personal property;\n\n(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;\n\n(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;\n\n(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;\n\n(8) \"Person\" means an individual, a corporation, an organization, or other legal entity; and\n\n(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.","path":["AR Code","Title 23","Chapter 32","Subchapter 5"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"5a7ff324c2ed57e8e83750db051bf65a1be1af56dc88d5075e182dc5beee047a","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-23-32-406","next":"us-ar/ark.-code-ann.-23-32-502"},"notice":"GroundRules: Original legal text. Not legal advice."}