Arizona Laws 6-860. Duty of trustee, escrow officer or agent to produce trust or escrow records for inspection; violation; classification
A. Any trustee, escrow officer or agent shall produce for inspection any trust or escrow records concerning the assets, existence, condition, management and administration and the names of the parties, including any or all beneficiaries, of any trust or escrow of which the person is the trustee, escrow officer or agent, to any peace officer or local, state or federal law enforcement agency, provided such person requesting information signs and submits a sworn statement to the trustee, escrow officer or agent that the request is made in the lawful performance of such person’s duties. The peace officer or local, state or federal law enforcement agency shall be prohibited from using or releasing said information except in the proper performance of the person’s duties.
Attorney's Note
Under the Arizona Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 4 months | up to $750 |
Terms Used In Arizona Laws 6-860
- Agent: means a person who receives compensation to regularly perform services specifically related to the conduct of the trust business. See Arizona Laws 6-851
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
B. Any trustee, escrow officer or agent shall produce for inspection required by law any trust or escrow records of any trust or escrow of which the person is the trustee, escrow officer or agent to the deputy director or to any state or federal administrative agency lawfully requiring such disclosure. The deputy director or any state or federal administrative agency shall be prohibited from using or releasing said information except in the proper performance of the deputy director’s or agency’s duties.
C. Any person who knowingly fails to produce records pursuant to this section or who obtains information under subsection A or B of this section and is prohibited from releasing such information but does release such information is guilty of a class 2 misdemeanor.