Arizona Laws 14-10709. Reimbursement of expenses
Current as of: 2024 | Check for updates
|
Other versions
A. A trustee is entitled to be reimbursed out of the trust property, with reasonable interest, for:
Terms Used In Arizona Laws 14-10709
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- 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
1. Expenses that were properly incurred in the administration of the trust.
2. To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
B. An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.