Arizona Laws 14-10702. Trustee’s bond
A. A trustee shall give bond to secure performance of the trustee‘s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
Terms Used In Arizona Laws 14-10702
- Court: means the superior court. See Arizona Laws 14-1201
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Arizona Laws 14-10103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust company: means a financial institution, corporation or other legal entity that is authorized to exercise general trust powers. See Arizona Laws 14-9101
- 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
B. The court may specify the amount of a bond, its liabilities and whether sureties are necessary. The court may modify or terminate a bond at any time.
C. Notwithstanding the terms of the trust, the following are not required to give a bond:
1. A national banking association.
2. A holder of a banking permit under the laws of this state.
3. A savings and loan association authorized to conduct trust business in this state.
4. A title insurance company qualified to do business under the laws of this state.
5. A trust company holding a certificate to engage in trust business from the state superintendent of banks.
6. The public fiduciary.