Arizona Laws 14-10106. Common law of trusts; principles of equity
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A. The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.
Terms Used In Arizona Laws 14-10106
- 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.
- Court: means the superior court. 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
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 14-10103
- Statute: A law passed by a legislature.
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
B. The court shall look to the restatement (second) of trusts for interpretation of the common law and not to subsequent restatements of trusts to determine:
1. The rights and powers of creditors of beneficiaries.
2. The duties of trustees to distribute to those to whom a beneficiary owes any duties.
3. Whether public policy may affect enforceability and effectiveness of the terms of the trust.
4. And effectuate the settlor‘s intent.