Arizona Laws 10-11801. Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 10-11801
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- Endowment fund: means an institutional fund or part of an institutional fund that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. See Arizona Laws 10-11801
- Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Governmental subdivision: includes an authority, county, district, municipality and political subdivision. See Arizona Laws 10-140
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Individual: includes the estate of an incompetent or deceased individual. See Arizona Laws 10-140
- Institution: means any of the following:
(a) A person, other than an individual, organized and operated exclusively for charitable purposes. See Arizona Laws 10-11801
- Institutional fund: means a fund held by an institution exclusively for charitable purposes. See Arizona Laws 10-11801
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 10-11801
- Property: includes both real and personal property. See Arizona Laws 1-215
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and that is retrievable in perceivable form. See Arizona Laws 10-11801
- Trustee: A person or institution holding and administering property in trust.
1. "Endowment fund" means an institutional fund or part of an institutional fund that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. Endowment fund does not include assets that an institution designates as an endowment fund for its own use.
2. "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to or held by an institution as an institutional fund.
3. "Institution" means any of the following:
(a) A person, other than an individual, organized and operated exclusively for charitable purposes.
(b) A government or governmental subdivision, agency or instrumentality, to the extent that it holds monies exclusively for a charitable purpose.
(c) A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
4. "Institutional fund" means a fund held by an institution exclusively for charitable purposes. Institutional fund does not include program-related assets, a fund held for an institution by a trustee that is not an institution or a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise on violation or failure of the purposes of the fund.
5. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity.
6. "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
7. "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and that is retrievable in perceivable form.