Arizona Laws 6-872. Court accountings
A. Unless ordered by a court of competent jurisdiction, a bank, savings and loan association or trust company operating a common trust fund pursuant to section 6-871 is not required to render a court accounting with regard to such funds. It may, by application to the superior court, secure approval of such an accounting on conditions as the court may establish.
Terms Used In Arizona Laws 6-872
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- 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.
- Trust company: means a corporation holding a certificate issued under this article. See Arizona Laws 6-851
B. When an accounting of a common trust fund is presented to a court for approval, the court shall assign a time and place for hearing and order notice thereof by:
1. Publication once a week for three weeks, the first publication to be not less than twenty days prior to the date of hearing, of a notice in a newspaper having a circulation in the county in which the home office of the bank, savings and loan association or trust company operating the common trust fund is located.
2. Mailing not less than fourteen days prior to the date of the hearing a copy of the notice to all beneficiaries of the trusts participating in the common trust fund whose names are known to the bank, savings and loan association or trust company from the records kept by it in the regular course of business in the administration of such trusts, directed to them at the addresses shown by the records.
3. Such further notice, if any, as the court may order.