Arizona Laws 14-3710. Power to avoid transfers; action to set aside fraudulent conveyances
A. The property liable for the payment of unsecured debts of a decedent includes all property transferred by him by any means which is in law void or voidable as against his creditors and subject to prior liens. The right to recover this property, so far as necessary for the payment of unsecured debts of the decedent, is exclusively in the personal representative.
Terms Used In Arizona Laws 14-3710
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- 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.
- Court: means the superior court. See Arizona Laws 14-1201
- Decedent: A deceased person.
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
B. When there is a deficiency of assets in custody of a personal representative, and decedent in his lifetime has conveyed or transferred property, or any rights or interests therein, with intent to defraud creditors, or to avoid a right, debt or duty of any person, or has conveyed or transferred the property so that the conveyance or transfer by law is void or voidable as against creditors, the personal representative shall commence and prosecute an action for the recovery of the property for the benefit of the creditors, and shall recover property which has been so conveyed or transferred, whatever may have been the manner of the conveyance or transfer.
C. The personal representative is not bound to bring the action unless the creditors pay such part of the costs and expenses of the action, or give such surety to the personal representative therefor as the court on application by the creditors may direct.
D. The property recovered shall be subject to payment of the debts of decedent as other property in custody of the personal representative.