Arizona Laws 14-7668. Renunciation, resignation, death or removal of custodian; designation of successor
A. A person nominated pursuant to section 14-7653 or designated pursuant to section 14-7659 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian who is able, willing and eligible to serve was nominated pursuant to section 14-7653, the person who made the nomination may nominate a substitute custodian pursuant to section 14-7653. Otherwise the transferor or the transferor’s legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property pursuant to section 14-7659, subsection A. The custodian so designated has the rights of a successor custodian.
Terms Used In Arizona Laws 14-7668
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Adult: means a person who is at least twenty-one years of age. See Arizona Laws 14-7651
- Conservator: means a person appointed or qualified by a court to act as a general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
- 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
- Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
- 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
- Legal representative: means an individual's personal representative or conservator. See Arizona Laws 14-7651
- 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
- Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
- Transferor: means a person who makes a transfer pursuant to this article. See Arizona Laws 14-7651
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust company: means a financial institution, corporation or other legal entity, which is authorized to exercise general trust powers. See Arizona Laws 14-7651
B. A custodian at any time may designate a trust company or an adult other than a transferor pursuant to section 14-7654 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.
C. A custodian may resign at any time by delivering written notice to the minor if the minor is at least fourteen years of age and to the successor custodian and by delivering the custodial property to the successor custodian.
D. If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the minor is at least fourteen years of age, the minor may designate as successor custodian, in the manner prescribed in subsection B of this section, an adult member of the minor’s family, a conservator of the minor or a trust company. If the minor is under fourteen years of age or fails to act within sixty days after the ineligibility, death or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor’s family or any other interested person may petition the court to designate a successor custodian.
E. A custodian who declines to serve pursuant to subsection A of this section or resigns pursuant to subsection C of this section or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
F. A transferor, the legal representative of a transferor, an adult member of the minor’s family, a guardian of the person of the minor, the conservator of the minor or the minor if the minor is at least fourteen years of age may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor pursuant to section 14-7654 or to require the custodian to give appropriate bond.