Arizona Laws 6-852. Exemptions and allowed activities
A. For the purposes of this article, a person does not engage in the trust business by:
Terms Used In Arizona Laws 6-852
- Agent: means a person who receives compensation to regularly perform services specifically related to the conduct of the trust business. See Arizona Laws 6-851
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trust business: means the holding out by a person to the public at large by advertising, solicitation or other means that the person is available to act as a fiduciary in this state and accepting and undertaking to perform the duties as such a fiduciary in the regular course of business. See Arizona Laws 6-851
- Trustee: A person or institution holding and administering property in trust.
1. Rendering services as an attorney-at-law in the performance of the person’s duties as such.
2. Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act.
3. Acting as a trustee in bankruptcy or as a receiver.
4. Holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate, provided such person is not regularly engaged in the business of acting as a trustee for such trusts.
5. Engaging in the business of a debt management company to the extent of the activities for which it is licensed under chapter 6 of this title.
6. Engaging in the business of an escrow agent to the extent of the activities for which it is licensed under chapter 7 of this title.
7. Holding assets as trustee of trusts created for charitable purposes.
8. Receiving rents and proceeds of sale as a licensed real estate broker on behalf of a principal.
9. Engaging in securities transactions as a dealer or salesman registered under Title 44, Chapter 12.
10. Acting as a guardian, conservator, special conservator, trustee or personal representative pursuant to a court order under title 14 or 36.
B. Insurance companies licensed to write life insurance policies and annuity or endowment contracts in this state and subject to regulation and control of the director are excluded from the provisions of this chapter, except the provisions of section 6-860.
C. A bank, savings and loan association or credit union not exercising trust powers may act as a trustee or custodian of individual retirement accounts established pursuant to the employees retirement income security act of 1974 or self-employed retirement plans established pursuant to the self-employed individuals tax retirement act of 1962 without the prior written consent of the deputy director if both:
1. The duties of the bank, savings and loan association or credit union as trustee or custodian are essentially custodial or ministerial in nature.
2. The bank, savings and loan association or credit union is required to invest the funds from such plans only in its own time or savings deposits or shares.