Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-47-307. Discharge of bank from claims

(a)(1) Payment made pursuant to this subchapter in accordance with an agency account discharges the bank from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors.

(2) Payment may be made whether or not a party, beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.

(b)(1) Protection under this section does not extend to payments made after a bank has received written notice from a party, or from the personal representative, surviving spouse, or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the agency account should not be permitted and the bank has had a reasonable opportunity to act on it when payment is made.

(2) Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in a request for payment if the bank is to be protected under this section.

(3) Unless a bank has been served with process in an action or proceeding, no other notice or other information shown to have been available to the bank affects its right to protection under this section.