Arizona Laws 14-10413. Cy pres
A. Except as otherwise provided in subsection B, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve or wasteful:
Terms Used In Arizona Laws 14-10413
- Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in section 14-10405, subsection A. See Arizona Laws 14-10103
- Court: means the superior court. See Arizona Laws 14-1201
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership. See Arizona Laws 14-10103
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Arizona Laws 14-10103
- Successors: means persons, other than creditors, who are entitled to property of a decedent under a will or this title. See Arizona Laws 14-1201
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
1. The trust does not fail in whole or in part.
2. The trust property does not revert to the settlor or the settlor’s successors in interest.
3. The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed in whole or in part in a manner consistent with the settlor’s charitable purposes.
B. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection A to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
1. The trust property is to revert to the settlor and the settlor is still living.
2. Fewer than twenty-one years have elapsed since the date of the trust’s creation.