Arizona Laws 14-2903. Reformation of a disposition plan; conditions
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On the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor‘s manifested plan of distribution and that is within the five hundred years allowed under section 14-2901 if:
Terms Used In Arizona Laws 14-2903
- Court: means the superior court. See Arizona Laws 14-1201
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Interested person: includes any trustee, heir, devisee, child, spouse, creditor, beneficiary, person holding a power of appointment and other person who has a property right in or claim against a trust estate or the estate of a decedent, ward or protected person. See Arizona Laws 14-1201
- Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Transferor: means a person who creates a custodial trust by transfer or declaration. See Arizona Laws 14-9101
1. A nonvested property interest or a power of appointment becomes invalid under section 14-2901.
2. A class gift is not but might become invalid under section 14-2901 and the time has arrived when the share of any class member is to take effect in possession or enjoyment.
3. A nonvested property interest that is not validated by section 14-2901, subsection A, paragraph 1 can vest but not within ninety years after its creation.