Terms Used In Arizona Laws > Title 14 > Chapter 9 - Uniform Custodial Trust Act

• Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Application: means a written request to the registrar for an order of informal probate or appointment under chapter 3, article 3 of this title. See Arizona Laws 14-1201
• Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
• 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
• 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}
• Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
• 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
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Descendant: means all of the decedent's descendants of all generations, with the relationship of parent and child at each generation. See Arizona Laws 14-1201
• Disability: means cause for a protective order as described in section 14-5401. See Arizona Laws 14-1201
• Distributee: means any person who has received property of a decedent from that person's personal representative other than as a creditor or purchaser. See Arizona Laws 14-1201
• Donee: The recipient of a gift.
• Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian: means a person who has qualified as a guardian of a minor or incapacitated person pursuant to testamentary or court appointment but excludes a person who is merely a guardian ad litem. See Arizona Laws 14-1201
• Guardian ad litem: includes a person who is appointed pursuant to section 14-1408. See Arizona Laws 14-1201
• 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
• 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.
• Legal representative: means a personal representative or conservator. See Arizona Laws 14-9101
• Minor: means a person who is under eighteen years of age. See Arizona Laws 14-1201
• 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.
• Parent: includes any person entitled to take, or who would be entitled to take if the child died without a will, as a parent under this title by intestate succession from the child whose relationship is in question and excludes any person who is only a stepparent, foster parent or grandparent. See Arizona Laws 14-1201
• Payor: means a trustee, insurer, business entity, employer, government, governmental agency or subdivision or any other person who is authorized or obligated by law or a governing instrument to make payments. See Arizona Laws 14-1201
• Person: means an individual or an organization. See Arizona Laws 14-1201
• Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
• Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
• Physician: means a person licensed pursuant to Title 32, Chapter 13 or 17. See Arizona Laws 14-5101
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
• Property: includes both real and personal property. See Arizona Laws 1-215
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Special administrator: means a personal representative as described by sections 14-3614 through 14-3618. See Arizona Laws 14-1201
• State: means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. See Arizona Laws 14-9101
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transferor: means a person who creates a custodial trust by transfer or declaration. See Arizona Laws 14-9101
• 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 that is authorized to exercise general trust powers. See Arizona Laws 14-9101
• 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
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215