A. When the assignee has fully performed the duties of his trust and desires to be finally discharged therefrom, he shall make a report of his proceedings under the assignment. The report shall be under oath and shall set forth the money and assets which came into his possession, and how such assets were disbursed and disposed of. The assignee shall file the report in the office of the clerk of the superior court having jurisdiction of the insolvent estate.

Terms Used In Arizona Laws 44-1046

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Oath: includes an affirmation or declaration. See Arizona Laws 1-215
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

B. A hearing shall be held on the report after notice to each known creditor, which shall be mailed at least ten days before the hearing. Approval of the report by the court shall be conclusive in favor of the assignee to the same extent as approval of a report in the case of any other trust.

C. When the trust is fully executed, the assignee may be discharged. Any monies or funds of the insolvent estate in the possession of the assignee at final settlement shall be deposited in the superior court subject to the judgment of the court.