Arizona Laws 14-11003. Damages in absence of breach
A. Except as provided in section 14-7404, a trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. For the purposes of this subsection, profit does not include:
Terms Used In Arizona Laws 14-11003
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person who either:
(a) Has a present or future beneficial interest in a trust, vested or contingent. See Arizona Laws 14-10103
- 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. Reasonable compensation to which the trustee is entitled pursuant to section 14-10708.
2. Compensation or fees permitted pursuant to section 14-10802.
3. Reasonable fees or compensation for services rendered that the trustee or an affiliate customarily provides in the normal course of business and that are typical in the geographic area where the trust is administered.
4. Reasonable remuneration for services permitted pursuant to section 6-246.
B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.