A. Except as provided in subsection B, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule requirements of this article.

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Terms Used In Arizona Laws 14-10901

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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

B. The prudent investor rule is a default rule and may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust.

C. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.

 

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