Sections
Article 1 General Provisions 14-10101 – 14-10113
Article 2 Judicial Proceedings 14-10201 – 14-10205
Article 3 Representation 14-10301
Article 4 Creation, Validity, Modification and Termination of Trust 14-10401 – 14-10418
Article 5 Creditor’s Claims; Spendthrift and Discretionary Trusts 14-10501 – 14-10507
Article 6 Revocable Trusts 14-10602 – 14-10604
Article 7 Office of Trustee 14-10701 – 14-10709
Article 8 Duties and Powers of Trustee and Trust Protector 14-10801 – 14-10820
Article 9 Prudent Investor Rule 14-10901 – 14-10909
Article 10 Liability of Trustees and Rights of Persons Dealing with Trustees 14-11001 – 14-11015
Article 11 Miscellaneous Provisions 14-11101 – 14-11102

Terms Used In Arizona Laws > Title 14 > Chapter 11

  • Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
  • Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, a person who is authorized to make decisions concerning another person's health care and a person who is authorized to make decisions for another person under a natural death act. See Arizona Laws 14-1201
  • 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.
  • Application: means a written request to the registrar for an order of informal probate or appointment under chapter 3, article 3 of this title. See Arizona Laws 14-1201
  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Automated teller machine: means an automated device that is established by a bank, savings and loan association or credit union and that facilitates customer-bank communications activities, including taking deposits and disbursing cash drawn against a customer's deposit account or a customer's preapproved loan account, at a location separate from the home office or a branch. See Arizona Laws 6-101
  • Beneficiary: means a person who either:

    (a) Has a present or future beneficial interest in a trust, vested or contingent. See Arizona Laws 14-10103

  • Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • Branch office: means a place of business of a credit union, other than a principal office, at which deposits are received and checks are paid, but does not include premises used for computer operations, record keeping, accounting, storage, maintenance or other administrative or service functions. See Arizona Laws 6-501
  • 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
  • Child: includes a person who is entitled to take as a child under this title by intestate succession from the parent whose relationship is involved. See Arizona Laws 14-1201
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Community property: means that property of a husband and wife that is acquired during the marriage and that is community property as prescribed in section 25-211. See Arizona Laws 14-1201
  • Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
  • Conservator: means a person appointed by the court to administer the estate of a minor or an adult. See Arizona Laws 14-10103
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Court: means the superior court. See Arizona Laws 14-1201
  • Credit union: means a cooperative nonprofit association which is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
  • Custodial trustee: means a person who is designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Arizona Laws 14-9101
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Department: means the department of financial institutions. See Arizona Laws 6-101
  • Disability: means cause for a protective order as described in section 14-5401. See Arizona Laws 14-1201
  • Distributee: means any person who has received property of a decedent from that person's personal representative other than as a creditor or purchaser. See Arizona Laws 14-1201
  • Distributee: means a person who receives property from a trust other than as a creditor or purchaser. See Arizona Laws 14-10103
  • Environmental law: means a federal, state or local law, rule, regulation or ordinance relating to protection of the environment. See Arizona Laws 14-10103
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Guardian: means a person who has qualified as a guardian of a minor or incapacitated person pursuant to testamentary or court appointment but excludes a person who is merely a guardian ad litem. See Arizona Laws 14-1201
  • Guardian: means a person appointed by the court to make decisions regarding the support, care, education, health and welfare of a minor or an adult. See Arizona Laws 14-10103
  • Guardian ad litem: includes a person who is appointed pursuant to section 14-1408. See Arizona Laws 14-1201
  • Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Insuring organization: means the national credit union administration or successor organization or any other equivalent insurer approved by the superintendent. See Arizona Laws 6-501
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interested person: includes any trustee, heir, devisee, child, spouse, creditor, beneficiary, person holding a power of appointment and other person who has a property right in or claim against a trust estate or the estate of a decedent, ward or protected person. See Arizona Laws 14-1201
  • Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Arizona Laws 14-10103
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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.
  • Lease: includes any oil, gas or other mineral lease. See Arizona Laws 14-1201
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Minor: means a person who is under eighteen years of age. See Arizona Laws 14-1201
  • Mortgage: means any conveyance, agreement or arrangement in which property is encumbered or used as security. See Arizona Laws 14-1201
  • National credit union administration: includes any successor to the organization or other agency or instrumentality of the United States that undertakes to discharge the purposes of the organization. See Arizona Laws 6-101
  • Organization: means a corporation, limited liability company, business trust, estate, trust, partnership, joint venture, association, government or governmental subdivision or agency or any other legal or commercial entity. See Arizona Laws 14-1201
  • Organization: means any corporation, association, partnership, society, firm, syndicate, trust or other legal entity. See Arizona Laws 6-501
  • Person: means an individual or an organization. See Arizona Laws 14-1201
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • 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
  • Personal representative: includes executor, administrator, successor personal representative, special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
  • Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Power of withdrawal: means a presently exercisable general power of appointment other than a power exercisable either:

    (a) By a trustee and limited by an ascertainable standard. See Arizona Laws 14-10103

  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership. See Arizona Laws 14-10103
  • Qualified beneficiary: means a beneficiary who, on the date the beneficiary's qualification is determined:

    (a) Is a distributee or permissible distributee of trust income or principal. See Arizona Laws 14-10103

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • 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
  • Settlor: means a person, including a testator, who creates or contributes property to a trust. See Arizona Laws 14-10103
  • Special needs trust: means a trust established for the benefit of one or more persons with disabilities if one of the purposes of the trust, expressed in the trust instrument or implied from the trust instrument, is to allow the person with a disability to qualify or continue to qualify for public, charitable or private benefits that might otherwise be available to the person with a disability. See Arizona Laws 14-10103
  • Spendthrift provision: means a term of a trust that restrains either voluntary or involuntary transfer of a beneficiary's interest. See Arizona Laws 14-10103
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 14-10103
  • 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
  • subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
  • Successors: means persons, other than creditors, who are entitled to property of a decedent under a will or this title. See Arizona Laws 14-1201
  • Superintendent: means the superintendent of financial institutions. See Arizona Laws 6-101
  • Terms of a trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Arizona Laws 14-10103
  • Testator: includes a person of either sex. See Arizona Laws 14-1201
  • Title: includes this title, title 32, chapters 9 and 36 and title 44, chapter 2. See Arizona Laws 6-101
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • 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
  • 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: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
  • Trustee: includes an original, additional and successor trustee and a cotrustee. See Arizona Laws 14-10103
  • Venue: The geographical location in which a case is tried.