Arizona Laws 14-10704. Vacancy in trusteeship; appointment of successor
A. A vacancy in a trusteeship occurs if:
Terms Used In Arizona Laws 14-10704
- Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in section 14-10405, subsection A. See Arizona Laws 14-10103
- Conservator: means a person appointed by the court to administer the estate of a minor or an adult. See Arizona Laws 14-10103
- Court: means the superior court. See Arizona Laws 14-1201
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. See Arizona Laws 14-10103
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments to that trust. See Arizona Laws 14-10103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Arizona Laws 14-10103
1. A person designated as trustee rejects the trusteeship.
2. A person designated as trustee cannot be identified or does not exist.
3. A trustee resigns.
4. A trustee is disqualified or removed.
5. A trustee dies.
6. A guardian or conservator is appointed for an individual serving as trustee.
B. If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
C. A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
1. By a person designated in the terms of the trust to act as successor trustee or a person who is appointed by a person who has authority in the trust instrument to appoint a successor trustee.
2. By a person appointed by unanimous agreement of the qualified beneficiaries.
3. By a person appointed by the court.
D. A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
1. By a person designated in the terms of the trust to act as successor trustee.
2. By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust.
3. By a person appointed by the court.
E. Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.