Arizona Laws 14-9104. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
A. Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter on the custodial trustee‘s acceptance, express or implied, of the custodial trust property.
Terms Used In Arizona Laws 14-9104
- 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 an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
- Court: means the superior court. See Arizona Laws 14-1201
- Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Arizona Laws 14-9101
- Custodial trustee: means a person who is designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Arizona Laws 14-9101
- 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
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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 or an organization. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- 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 or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
- Writing: includes printing. See Arizona Laws 1-215
B. The custodial trustee’s acceptance may be evidenced by a writing stating in substance:
Custodial Trustee‘s Receipt and Acceptance
I, _______________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _______________ (name of beneficiary) under the uniform custodial trust act pursuant to Title 14, Chapter 9, Arizona Revised Statutes. I undertake to administer and distribute the custodial trust property pursuant to the Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is or becomes incapacitated. The custodial trust property consists of _____________________.
Dated:__________________________
________________________________
(Signature of custodial trustee)
C. On accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.