In this chapter, unless the context otherwise requires:

Terms Used In Arizona Laws 13-2201

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Executor: A male person named in a will to carry out the decedent
  • Financial institution: means a bank, insurance company, credit union, savings and loan association, investment trust or other organization held out to the public as a place of deposit for funds or medium of savings or collective investment. See Arizona Laws 13-2201
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: means a human being and, as the context requires, an enterprise, a public or private corporation, an unincorporated association, a partnership, a firm, a society, a government, a governmental authority or an individual or entity capable of holding a legal or beneficial interest in property. See Arizona Laws 13-105
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • Property: means anything of value, tangible or intangible. See Arizona Laws 13-105
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.

1. "Adulterated" means varying from the standard of composition or quality prescribed by statute or administrative regulation or, if none, as set by established commercial usage.

2. "Fiduciary" means a trustee, guardian, executor, administrator, receiver or any other person carrying on functions of trust on behalf of another person, corporation or organization.

3. "Financial institution" means a bank, insurance company, credit union, savings and loan association, investment trust or other organization held out to the public as a place of deposit for funds or medium of savings or collective investment.

4. "Insolvent" means that, for any reason, a financial institution is unable to pay its obligations in the ordinary or usual course of business or the present fair salable value of its assets is less than the amount that will be required to pay its probable liabilities on its existing debts as they become absolute and matured.

5. "Mislabeled" means:

(a) Varying from the standard of truth or disclosure in labeling prescribed by statute or administrative regulation or, if none, as set by established commercial usage; or

(b) Represented as being another person’s product, though otherwise labeled accurately as to quality and quantity.

6. "Misleading statement" means an offer to sell property or services when the offerer does not intend to sell or provide the advertised property or services:

(a) At a price equal to or lower than the price offered; or

(b) In a quantity sufficient to meet the reasonably expected public demand, unless the quantity available is specifically stated in the advertisement; or

(c) At all.

7. "Security interest" means an interest in personal property or fixtures pursuant to title 47, chapter 9.