A. Except as otherwise provided in subsection B of this section, the court shall require a conservator to furnish a bond conditioned on faithful discharge of all duties according to law, with sureties as it shall specify. Unless otherwise directed, the bond shall be in the amount of the aggregate capital value of the property of the estate in the conservator’s control plus one year’s estimated income minus the value of securities deposited under arrangements requiring an order of the court for their removal and the value of any land that the fiduciary, by express limitation of power, lacks power to sell or convey without court authorization. For good cause shown the court may reduce or eliminate the bond to the extent of regular fixed expenses paid for the benefit of the protected person. The court in lieu of sureties on a bond may accept other security for the performance of the bond, including a pledge of securities or a mortgage of land.

Terms Used In Arizona Laws 14-5411

  • Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
  • Court: means the superior court. See Arizona Laws 14-1201
  • Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Person: means an individual or an organization. See Arizona Laws 14-1201
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
  • State: means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. See Arizona Laws 14-9101
  • Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
  • Trust company: means a financial institution, corporation or other legal entity that is authorized to exercise general trust powers. See Arizona Laws 14-9101

B. A bond is not required of a conservator that is a national banking association, a holder of a banking permit under the laws of this state, a savings and loan association authorized to conduct trust business in this state, a title insurance company qualified to do business under the laws of this state, a trust company holding a certificate to engage in trust business from the deputy director of the financial institutions division of the department of insurance and financial institutions or the public fiduciary.

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