Arizona Laws 33-806. Transfers in trust of real property; uses
A. Transfers of trust property may be made to secure the performance of a contract or contracts of the trustor or any other person. An interest in the trust property acquired by the trustor subsequent to the execution of the trust deed shall inure to the trustee as security for the contract or contracts for which the trust property is conveyed as if the interest or claim had been acquired before execution of the trust deed.
Terms Used In Arizona Laws 33-806
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Beneficiary: means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person's successor in interest. See Arizona Laws 33-801
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: means a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty, including but not limited to a note, a promissory note or provisions of any trust deed. See Arizona Laws 33-801
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Trust property: means any legal, equitable, leasehold or other interest in real property which is capable of being transferred, whether or not it is subject to any prior mortgages, trust deeds, contracts for conveyance of real property or other liens or encumbrances. See Arizona Laws 33-801
- Trustee: means an individual, association or corporation qualified pursuant to section 33-803, or the successor in interest thereto, to whom trust property is conveyed by trust deed. See Arizona Laws 33-801
- Trustee: A person or institution holding and administering property in trust.
- Trustor: means the person conveying trust property by a trust deed as security for the performance of a contract or contracts, or the successor in interest of such person. See Arizona Laws 33-801
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
B. The trustee or beneficiary shall have a right to maintain an action against any person, including the trustor, for a claim for relief where damage or injury occurs or may occur to the trust property or interests therein, including but not limited to actions for damages or to prevent:
1. Physical abuse to or destruction of the trust property, or any portion thereof.
2. Waste.
3. Impairment of the security provided by the trust deed. In any such action the trustee or beneficiary, or both, shall also be entitled to recover costs and reasonable attorney’s fees and shall be entitled to all remedies available. Recovery of damages under this section shall be limited to damages or injuries incurred during the time the trustor is in possession or control of the trust property. The provisions of section 33-814 shall in no manner restrict or limit the provisions of this section.