Arizona Laws 14-10105. Default and mandatory rules
A. Except as otherwise provided in the terms of the trust, this chapter governs:
Terms Used In Arizona Laws 14-10105
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- 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
- 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
- Court: means the superior court. See Arizona Laws 14-1201
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.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.
- 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
- Proceeding: includes action at law and suit in equity. 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
- 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
- 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
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- 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.
1. The duties, powers, exercise of powers, resignation and appointment of a trustee.
2. Conflicts of interest of a trustee.
3. Relations among trustees.
4. Mergers or divisions of trusts.
5. The rights and interests of a beneficiary.
B. The terms of a trust prevail over any provision of this chapter except:
1. The requirements for creating a trust.
2. The duty of a trustee to act in good faith and in accordance with the purposes of the trust.
3. The requirement that a trust and its terms be for the benefit of its beneficiaries and that the trust have a purpose that is lawful, not contrary to public policy and possible to achieve.
4. The power of the court to modify or terminate a trust under sections 14-10410, 14-10411, 14-10412, 14-10413, 14-10414, 14-10415 and 14-10416.
5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in article 5 of this chapter.
6. The power of the court under section 14-10702 to require, dispense with, modify or terminate a bond.
7. The power of the court under section 14-10708, subsection B to adjust a trustee’s compensation specified in the terms of the trust that is unreasonably low or high.
8. The duty to respond to the request of a qualified beneficiary of an irrevocable trust for trustee’s reports and other information reasonably related to the administration of a trust.
9. The effect of an exculpatory term under section 14-11008.
10. The rights under sections 14-11010, 14-11011, 14-11012 and 14-11013 of a person other than a trustee or beneficiary.
11. Periods of limitation for commencing a judicial proceeding.
12. The power of the court to take action consistent with the settlor‘s intent and exercise jurisdiction as may be necessary in the interests of justice.
13. The subject matter jurisdiction of the court and venue for commencing a proceeding as provided in sections 14-10203 and 14-10204.
14. The notice provisions of section 14-10110, subsection B.
15. The enforceability of a penalty clause under section 14-10113.