Arizona Laws 14-7664. Use of custodial property
A. A custodian may deliver or pay to the minor or expend for the minor’s benefit as much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to either the duty or ability of the custodian personally or of any other person to support the minor or any other income or property of the minor which may be applicable or available for that purpose.
Terms Used In Arizona Laws 14-7664
- Court: means the superior court. See Arizona Laws 14-7651
- Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- 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
- Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
- 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
B. On petition of an interested person or the minor if the minor is at least fourteen years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor’s benefit as much of the custodial property as the court considers advisable for the use and benefit of the minor.
C. A delivery, payment or expenditure made pursuant to this section does not affect an obligation of a person to support the minor.