Sections
Article 4 Revised Uniform Principal and Income Act 14-7401 – 14-7431
Article 5 Uniform Fiduciaries Act 14-7501 – 14-7512
Article 7 Arizona Uniform Transfers to Minors Act 14-7651 – 14-7671

Terms Used In Arizona Laws > Title 14 > Chapter 7

  • Accounting period: means a calendar year unless another twelve month period is selected by a fiduciary and includes a portion of a calendar year or other twelve month period that begins when an income interest begins or ends when an income interest ends. See Arizona Laws 14-7401
  • Adult: means a person who is at least twenty-one years of age. See Arizona Laws 14-7651
  • Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • 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
  • Amortization: Paying off a loan by regular installments.
  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Bank: includes commercial banks, savings banks, trust companies, and any person or association of persons, whether incorporated or not, carrying on the business of banking. See Arizona Laws 14-7501
  • 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.
  • Beneficiary: includes , in the case of a decedent's estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Arizona Laws 14-7401
  • 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
  • Broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. See Arizona Laws 14-7651
  • 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.
  • 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 or qualified by a court to act as a general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Court: means the superior court. See Arizona Laws 14-7651
  • Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
  • Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devisee: means a person designated in a will to receive a devise. See Arizona Laws 14-1201
  • Donor: The person who makes a gift.
  • 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
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
  • Fiduciary: means a personal representative or a trustee and includes an executor, an administrator, a successor personal representative, a special administrator and a person performing substantially the same function. See Arizona Laws 14-7401
  • Fiduciary: includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate. See Arizona Laws 14-7501
  • Financial institution: means a bank, trust company, savings institution or credit union, which is chartered and supervised under state or federal law. See Arizona Laws 14-7651
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
  • 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
  • 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
  • Income: means money or property that a fiduciary receives as current return from a principal asset and includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 14-7410 through 14-7424. See Arizona Laws 14-7401
  • Income beneficiary: means a person to whom net income of a trust is or may be payable. See Arizona Laws 14-7401
  • Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Arizona Laws 14-7401
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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
  • Lease: includes any oil, gas or other mineral lease. See Arizona Laws 14-1201
  • Legal representative: means an individual's personal representative or conservator. See Arizona Laws 14-7651
  • Legal representative: means a personal representative or conservator. See Arizona Laws 14-9101
  • Legatee: A beneficiary of a decedent
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Arizona Laws 14-7401
  • 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
  • Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • negligently: import a want of such attention to the nature or probable consequence of the act or omission as a prudent man ordinarily bestows in acting in his own concerns. See Arizona Laws 1-215
  • Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this article to or from income during the period. See Arizona Laws 14-7401
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Parent: includes any person entitled to take, or who would be entitled to take if the child died without a will, as a parent under this title by intestate succession from the child whose relationship is in question and excludes any person who is only a stepparent, foster parent or grandparent. See Arizona Laws 14-1201
  • Payor: means a trustee, insurer, business entity, employer, government, governmental agency or subdivision or any other person who is authorized or obligated by law or a governing instrument to make payments. See Arizona Laws 14-1201
  • Person: means an individual or an organization. See Arizona Laws 14-1201
  • Person: means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or other legal or commercial entity. See Arizona Laws 14-7401
  • Person: includes a corporation, partnership, or other association, or two or more persons having a joint or common interest. See Arizona Laws 14-7501
  • Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • 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
  • Personal representative: means an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
  • Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
  • plan: as used in this article means a plan for the rehabilitation, readjustment or reorganization of an association or for the readjustment, modification or reorganization of the rights or interests of any or all of the investors and creditors of, or other persons, interested in the association. See Arizona Laws 6-486
  • Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Arizona Laws 14-7401
  • Principal: includes any person to whom a fiduciary as such owes an obligation. See Arizona Laws 14-7501
  • Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
  • 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.
  • securities: as used in this article in respect to any plan, includes not only shares of guaranty capital and evidences of accounts issuable by an association under the laws of this state, but also shares of stock of one or more classes issuable by corporations generally, and bonds, notes, debentures, evidences of indebtedness, certificates of interest or participation and collateral trust certificates. See Arizona Laws 6-493
  • 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
  • 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.
  • Special administrator: means a personal representative as described by sections 14-3614 through 14-3618. See Arizona Laws 14-1201
  • State: includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and a territory or possession subject to the legislative authority of the United States. See Arizona Laws 14-7651
  • 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
  • Street name or nominee name: means registration used by a broker or financial institution for holding securities if they are not registered in the name of the beneficial owner. See Arizona Laws 14-7651
  • Successor personal representative: means a personal representative, other than a special administrator, who is appointed to succeed a previously appointed personal representative. 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 intent of a settlor or decedent with respect to the trust expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Arizona Laws 14-7401
  • Testator: includes a person of either sex. See Arizona Laws 14-1201
  • 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.
  • Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
  • Transferor: means a person who makes a transfer pursuant to this article. See Arizona Laws 14-7651
  • Transferor: means a person who creates a custodial trust by transfer or declaration. 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 account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trust company: means a financial institution, corporation or other legal entity, which is authorized to exercise general trust powers. See Arizona Laws 14-7651
  • Trust company: means a financial institution, corporation or other legal entity that is authorized to exercise general trust powers. See Arizona Laws 14-9101
  • 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 or successor trustee, whether or not appointed or confirmed by a court. See Arizona Laws 14-7401
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
  • Writing: includes printing. See Arizona Laws 1-215