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2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7662 - Care of custodial property; duties of custodian

14-7662.
Care of custodial property;  duties of custodian
A. A custodian shall:
1. Take control of custodial property.
2. Register or record title to custodial property if appropriate.
3. Collect,  hold,  manage,  invest and reinvest custodial property.
B. In dealing with custodial property,  a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise,  the custodian shall use that skill or expertise. However,  a custodian,  in the custodian's discretion and without liability to the minor or the minor's estate,  may retain any custodial property received from a transferor.
C. A custodian may invest in or pay premiums on life insurance or endowment policies on either the life of the minor if the minor or the minor's estate is the sole beneficiary or the life of another person in whom the minor has an insurable interest only to the extent that the minor,  the minor's estate or the custodian in the capacity of custodian is the irrevocable beneficiary.
D. A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of certificated securities may be held on deposit at a stock brokerage firm or a financial institution registered in a street name or nominee name. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded either by registration or in an account designated,  in the name of the custodian,  followed in substance by the words,  " as a custodian for _______________ (name of minor) under the Arizona uniform transfers to minors act" .
E. A custodian shall keep records of all transactions with respect to custodial property,  including information necessary for the preparation of the minor's tax returns,  and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor is at least fourteen years of age.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7663 - Powers of custodian

14-7663.
Powers of custodian
A. A custodian,  acting in a custodial capacity,  has all the rights,  powers and authority over custodial property that unmarried adult owners have over their own property,  but a custodian may exercise those rights,  powers and authority in that capacity only.
B. This section does not relieve a custodian from liability for a breach of section 14-7662.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7664 - Use of custodial property

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.
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.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7665 - Custodian's expenses, compensation and bond

14-7665.
Custodian's expenses,  compensation and bond
A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.
B. Except for a person who is a transferor pursuant to section 14-7654,  a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
C. Except as provided in section 14-7668,  subsection F,  a custodian need not give a bond.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7666 - Exemption of third person from liability

14-7666.
Exemption of third person from liability
A third person in good faith and without court order may act on the instructions of or otherwise deal with a person purporting to make a transfer or purporting to act in the capacity of a custodian and,  in the absence of knowledge,  is not responsible for determining:
1. The validity of the purported custodian's designation.
2. The propriety of,  or the authority under this article for,  any act of the purported custodian.
3. The validity or propriety pursuant to this article of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian.
4. The propriety of the application of any property of the minor delivered to the purported custodian.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7667 - Liability to third persons

14-7667.
Liability to third persons
A. A claim based on a contract entered into by a custodian acting in a custodial capacity,  an obligation arising from the ownership or control of custodial property or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodial capacity,  whether or not the custodian or the minor is personally liable.
B. A custodian is not personally liable for either:
1. A contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract.
2. An obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
C. A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7669 - Accounting by and determination of liability of custodian

14-7669.
Accounting by and determination of liability of custodian
A. A minor who is at least fourteen years of age,  the minor's guardian of the person or legal representative,  an adult member of the minor's family,  a transferor or a transferor's legal representative may petition the court for an accounting by the custodian or the custodian's legal representative or for a determination of responsibility,  as between the custodial property and the custodian personally,  for claims against the custodial property unless the responsibility has been adjudicated in an action pursuant to section 14-7667 to which the minor or the minor's legal representative was a party.
B. A successor custodian may petition the court for an accounting by the predecessor custodian.
C. The court,  in a proceeding under this article or in any other proceeding,  may require or permit the custodian or the custodian's legal representative to account.
D. If a custodian is removed pursuant to section 14-7668,  subsection F,  the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7670 - Termination of custodianship

14-7670.
Termination of custodianship
The custodian shall transfer in an appropriate manner the custodial property to the minor or the minor's estate on the earlier of:
1. The minor's twenty-first birthday with respect to custodial property transferred pursuant to section 14-7654 or 14-7655.
2. The minor's eighteenth birthday with respect to custodial property transferred pursuant to section 14-7656 or 14-7657.
3. The minor's death.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-7671 - Applicability

14-7671.
Applicability
This article applies to a transfer within the scope of section 14-7652 made after its effective date if either of the following is true:
1. The transfer purports to have been made under the Arizona uniform gifts to minors act.
2. The instrument by which the transfer purports to have been made uses in substance the designation " as custodian under the Arizona uniform gifts to minors act"  or " as custodian under the uniform transfers to minors act"  of any other state and the application of this article is necessary to validate the transfer.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9101 - Definitions

14-9101.
Definitions
In this title,  unless the context otherwise requires:
1. " 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.
2. " Conservator"  means a person who is appointed or qualified by a court to manage the estate of an individual or who is legally authorized to perform substantially the same functions.
3. " Court"  means the superior court of this State.
4. " 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.
5. " 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.
6. " Guardian"  means a person who is appointed or qualified by a court as a guardian of an individual,  including a limited guardian,  but not a person who is only a guardian ad litem.
7. " 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.
8. " Legal representative"  means a personal representative or conservator.
9. " Member of the beneficiary's family"  means a beneficiary's spouse,  descendant,  stepchild,  parent,  stepparent,  grandparent,  brother,  sister,  uncle or aunt,  whether of the whole or half blood or by adoption.
10. " Person"  means an individual,  corporation,  business trust,  estate,  trust,  partnership,  joint venture,  association or any other legal or commercial entity.
11. " Personal representative"  means an executor,  administrator or special administrator of a decedent's estate,  a person legally authorized to perform substantially the same functions or a successor to any of them.
12. " State"  means a state,  territory or possession of the United States,  the District of Columbia or the Commonwealth of Puerto Rico.
13. " Transferor"  means a person who creates a custodial trust by transfer or declaration.
14. " Trust company"  means a financial institution,  corporation or other legal entity that is authorized to exercise general trust powers.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9102 - Custodial trust; general

14-9102.
Custodial trust;  general
A. A person may create a custodial trust of property by a written transfer of the property to another person that is evidenced by registration or by another instrument of transfer,  that is executed in any lawful manner,  that names as beneficiary an individual who may be the transferor and that designates the transferee,  in substance,  as custodial trustee under this chapter.
B. A person may create a custodial trust of property by a written declaration that is evidenced by registration of the property or by another instrument of declaration executed in any lawful manner,  that describes the property and that names as beneficiary an individual other than the declarant,  and that designates the declarant as titleholder,  in substance,  as custodial trustee under this chapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
C. Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
D. Except as provided in subsection E,  a transferor may not terminate a custodial trust.
E. The beneficiary,  if not incapacitated,  or the conservator of an incapacitated beneficiary may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated,  the custodial trust terminates on the death of the beneficiary.
F. Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.
G. The transferor may designate or authorize the designation of a successor custodial trustee in the trust instrument.
H. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9103 - Custodial trustee for future payment or transfer

14-9103.
Custodial trustee for future payment or transfer
A. A person having the right to designate the recipient of property payable or transferable on a future event may create a custodial trust on the occurrence of the future event by designating in writing the recipient,  followed in substance by: " as custodial trustee for _______________ (name of beneficiary) under the Uniform Custodial Trust Act pursuant to title 14,  chapter 9,  Arizona Revised Statutes" .
B. Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.
C. A designation under this section may be made in a will,  a trust,  a deed,  a multiple-party account,  an insurance policy,  an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights. Otherwise,  to be effective,  the designation must be registered with or delivered to the fiduciary,  payor,  issuer or obligor of the future right.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9104 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction

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.
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.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9105 - Transfer to custodial trustee by fiduciary or obligor; facility of payment

14-9105.
Transfer to custodial trustee by fiduciary or obligor;  facility of payment
A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 14-9103,  a person,  including a fiduciary other than a custodial trustee,  who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars,  the transfer is not effective unless authorized by the court.
B. A written acknowledgment of delivery,  signed by a custodial trustee,  is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9106 - Multiple beneficiaries; separate custodial trusts; survivorship

14-9106.
Multiple beneficiaries;  separate custodial trusts;  survivorship
A. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife,  for whom survivorship is presumed,  a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship or survivorship is required as to community or marital property.
B. Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.
C. A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to sections 14-9107 and 14-9115 for the administration of the custodial trust.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9107 - General duties of custodial trustee

14-9107.
General duties of custodial trustee
A. If appropriate,  a custodial trustee shall register or record the instrument vesting title to custodial trust property.
B. If the beneficiary is not incapacitated,  a custodial trustee shall follow the directions of the beneficiary in the management,  control,  investment or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated,  the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other law restricting investments by fiduciaries,  except that a custodial trustee,  in the custodial trustee's discretion,  may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise,  the custodial trustee shall use that skill or expertise.
C. Subject to subsection B,  a custodial trustee shall take control of and collect,  hold,  manage,  invest and reinvest custodial trust property.
D. A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property,  the title to which is subject to recordation,  is so identified if an appropriate instrument so identifying the property is recorded,  and custodial trust property subject to registration is so identified if it is registered,  or held in an account in the name of the custodial trustee,  designated in substance: " as custodial trustee for _______________ (name of beneficiary) under the Uniform Custodial Trust Act pursuant to title 14,  chapter 9,  Arizona Revised Statutes" .
E. A custodial trustee shall keep records of all transactions with respect to custodial trust property,  including information necessary for the preparation of tax returns,  and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.
F. The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9108 - General powers of custodial trustee

14-9108.
General powers of custodial trustee
A. A custodial trustee,  acting in a fiduciary capacity,  has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property,  but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.
B. This section does not relieve a custodial trustee from liability for a violation of section 14-9107.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9109 - Use of custodial trust property

14-9109.
Use of custodial trust property
A. A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit as much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.
B. If the beneficiary is incapacitated,  the custodial trustee shall expend as much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner,  when and to the extent that the custodial trustee determines suitable and proper,  without court order and without regard to other support,  income or property of the beneficiary.
C. A custodial trustee may establish checking,  savings or other similar accounts of reasonable amounts that either the custodial trustee or the beneficiary may withdraw funds from or draw checks against. Funds withdrawn from or checks written against the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9110 - Determination of incapacity; effect

14-9110.
Determination of incapacity;  effect
A. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if either:
1. The custodial trust was created under section 14-9105.
2. The transferor has so directed in the instrument creating the custodial trust.
3. The custodial trustee has determined that the beneficiary is incapacitated.
B. A custodial trustee may determine that the beneficiary is incapacitated by relying on:
1. Previous direction or authority given by the beneficiary while not incapacitated,  including direction or authority pursuant to a durable power of attorney.
2. The certificate of the beneficiary's physician.
3. Other persuasive evidence.
C. If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary's incapacity has ceased or that circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary,  the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.
D. On petition of the beneficiary,  custodial trustee or other person interested in the custodial trust property or the welfare of the beneficiary,  the court shall determine whether the beneficiary is incapacitated.
E. Absent a determination of incapacity of the beneficiary under subsection B or D of this section,  a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.
F. Incapacity of a beneficiary does not terminate:
1. The custodial trust.
2. Any designation of a successor custodial trustee.
3. Rights or powers of the custodial trustee.
4. Any immunities of third persons acting on instructions of the custodial trustee.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9111 - Exemption of third person from liability

14-9111.
Exemption of third person from liability
A third person in good faith and without a court order may act on the instructions of or otherwise deal with a person who is purporting to make a transfer as or to act in the capacity of a custodial trustee. In the absence of knowledge to the contrary,  the third person is not responsible for determining:
1. The validity of the purported custodial trustee's designation.
2. The propriety of,  or the authority under this chapter for,  any action of the purported custodial trustee.
3. The validity or propriety of an instrument executed or instruction given pursuant to this chapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee.
4. The propriety of the application of property vested in the purported custodial trustee.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9112 - Liability to third person

14-9112.
Liability to third person
A. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity,  an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custodial trust may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity,  whether or not the custodial trustee or the beneficiary is personally liable.
B. A custodial trustee is not personally liable to a third person:
1. On a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract.
2. For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.
C. A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.
D. Subsections B and C do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9114 - Expenses, compensation and bond of custodial trustee

14-9114.
Expenses,  compensation and bond of custodial trustee
Except as otherwise provided in the instrument creating the custodial trust,  in an agreement with the beneficiary or by court order,  a custodial trustee:
1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services.
2. Has a noncumulative election,  to be made not later than six months after the end of each calendar year,  to charge a reasonable compensation for fiduciary services performed during that year.
3. Need not furnish a bond or other security for the faithful performance of fiduciary duties.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9115 - Reporting and accounting by custodial trustee; determination of liability of custodial trustee

14-9115.
Reporting and accounting by custodial trustee;  determination of liability of custodial trustee
A. On the acceptance of custodial trust property,  the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property:
1. Once each year.
2. On request at reasonable times by the beneficiary or the beneficiary's legal representative.
3. On resignation or removal of the custodial trustee.
4. On termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary's legal representative,  if any. On termination of the beneficiary's interest,  the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.
B. A beneficiary,  the beneficiary's legal representative,  an adult member of the beneficiary's family,  a person interested in the custodial trust property or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative.
C. A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.
D. In an action or proceeding under this chapter or in any other proceeding,  the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.
E. If a custodial trustee is removed,  the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.
F. On petition of the custodial trustee or any person who could petition for an accounting,  the court,  after notice to interested persons,  may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9116 - Limitations of action against custodial trustee

14-9116.
Limitations of action against custodial trustee
A. Except as provided in subsection C,  unless previously barred by adjudication,  consent or limitation,  a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary,  a person to whom custodial trust property is to be paid or delivered or the legal representative of an incapacitated or deceased beneficiary or payee who either:
1. Has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement.
2. Has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three years after the termination of the custodial trust.
B. Except as provided in subsection C,  a claim for relief to recover from a custodial trustee for fraud,  misrepresentation or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust is barred unless an action or proceeding to assert the claim is commenced within five years after the termination of the custodial trust.
C. A claim for relief is not barred by this section if the claimant either:
1. Is a minor,  until the earlier of two years after the claimant becomes an adult or dies.
2. Is an incapacitated adult,  until the earliest of two years after:
(a) The appointment of a conservator.
(b) The removal of the incapacity.
(c) The death of the claimant.
3. Was an adult,  now deceased,  who was not incapacitated,  until two years after the claimant's death.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9117 - Distribution on termination

14-9117.
Distribution on termination
A. On the termination of a custodial trust,  the custodial trustee shall transfer the unexpended custodial trust property:
1. To the beneficiary,  if not incapacitated or deceased.
2. To the conservator or other recipient designated by the court for an incapacitated beneficiary.
3. On the beneficiary's death,  in the following order:
(a) As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary.
(b) To the survivor of multiple beneficiaries if survivorship is provided for pursuant to Section 14-9106.
(c) As designated in the instrument creating the custodial trust.
(d) To the estate of the deceased beneficiary.
B. If,  when the custodial trust would otherwise terminate,  the distributee is incapacitated,  the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
C. The death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-9119 - Applicable law

14-9119.
Applicable law
A. This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if,  at the time of the transfer or declaration,  the transferor,  beneficiary or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor,  beneficiary or custodial trustee,  or removal of the custodial trust property from this state.
B. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in this state.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10002 - Definitions

14-10002.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Disclaimant"  means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made.
2. " Disclaimed interest"  means the interest that would have passed to the disclaimant had the disclaimer not been made.
3. " Disclaimer"  means the refusal to accept an interest in or power over property.
4. " Fiduciary"  means a personal representative,  a trustee,  an agent acting under a power of attorney or any other person who is authorized to act as a fiduciary with respect to the property of another person.
5. " Jointly held property"  means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10004 - Chapter supplemented by other law

14-10004.
Chapter supplemented by other law
A. Unless displaced by this chapter,  the principles of law and equity supplement this chapter.
B. This chapter does not limit any right of a person to waive,  release,  disclaim or renounce an interest in or power over property under a law other than this chapter.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10005 - Power to disclaim; general requirements; when irrevocable

14-10005.
Power to disclaim;  general requirements;  when irrevocable
A. A person may disclaim,  in whole or in part,  any interest in or power over property,  including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim.
B. Except to the extent a fiduciary's right to disclaim is expressly restricted or limited by another statute of this state or by the instrument creating the fiduciary relationship,  a fiduciary may disclaim,  in whole or in part,  any interest in or power over property,  including a power of appointment,  whether acting in a personal or representative capacity. A fiduciary may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or restriction or limitation on the right to disclaim,  or if an instrument other than the instrument that created the fiduciary relationship imposed a restriction or limitation on the right to disclaim.
C. To be effective,  a disclaimer must be in a writing or other record,  declare the disclaimer,  describe the interest or power disclaimed,  be signed by the person making the disclaimer and be delivered or filed in the manner provided in section 14-10012. For the purposes of this subsection:
1. " Record"  means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
2. " Signed"  means,  with present intent to authenticate or adopt a record,  to execute or adopt a tangible symbol or to attach to or logically associate with the record an electronic sound,  symbol or process.
D. A partial disclaimer may be expressed as a fraction,  a percentage,  a monetary amount,  a term of years,  a limitation of a power or any other interest or estate in the property.
E. A disclaimer becomes irrevocable when it is delivered or filed pursuant to section 14-10012 or when it becomes effective as provided in sections 14-10006 through 14-10011,  whichever occurs later.
F. A disclaimer made under this chapter is not a transfer,  assignment or release.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10006 - Disclaimer of interest in property; definitions

14-10006.
Disclaimer of interest in property;  definitions
A. Except for a disclaimer governed by section 14-10007 or 14-10008,  the following rules apply to a disclaimer of an interest in property:
1. The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable or,  if the interest arose under the laws of intestate succession,  as of the time of the intestate's death.
2. The disclaimed interest passes according to any provision in the instrument creating the interest providing for the disposition of the interest,  should it be disclaimed,  or of disclaimed interests in general.
3. If the instrument does not contain a provision described in paragraph 2 of this subsection:
(a) If the disclaimant is an individual,  the disclaimed interest passes as if the disclaimant had died immediately before the time of distribution. However,  if,  by law or under the instrument,  the descendants of the disclaimant would share in the disclaimed interest by any method of representation had the disclaimant died before the time of distribution,  the disclaimed interest passes only to the descendants of the disclaimant who survive the time of distribution.
(b) If the disclaimant is not an individual,  the disclaimed interest passes as if the disclaimant did not exist.
4. On the disclaimer of a preceding interest,  a future interest held by a person other than the disclaimant takes effect as if the disclaimant had died or ceased to exist immediately before the time of distribution,  but a future interest held by the disclaimant is not accelerated in possession or enjoyment.
B. For the purposes of this section:
1. " Future interest"  means an interest that takes effect in possession or enjoyment,  if at all,  later than the time of its creation.
2. " Time of distribution"  means the time when a disclaimed interest would have taken effect in possession or enjoyment.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10007 - Disclaimer of rights of survivorship in jointly held property

14-10007.
Disclaimer of rights of survivorship in jointly held property
A. On the death of a holder of jointly held property,  a surviving holder may disclaim,  in whole or in part,  the greater of either:
1. A fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before the death of the holder to whose death the disclaimer relates.
2. All of the property except that part of the value of the entire interest attributable to the contribution furnished by the disclaimant.
B. A disclaimer under subsection A takes effect as of the death of the holder of jointly held property to whose death the disclaimer relates.
C. An interest in jointly held property disclaimed by a surviving holder of the property passes as if the disclaimant predeceased the holder to whose death the disclaimer relates.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10009 - Disclaimer of power of appointment or other power not held in fiduciary capacity

14-10009.
Disclaimer of power of appointment or other power not held in fiduciary capacity
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity,  the following rules apply:
1. If the holder has not exercised the power,  the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
2. If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment,  the disclaimer takes effect immediately after the last exercise of the power.
3. The instrument creating the power is construed as if the power expired when the disclaimer became effective.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10010 - Disclaimer by appointee, object or taker in default of exercise of power of appointment

14-10010.
Disclaimer by appointee,  object or taker in default of exercise of power of appointment
A. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.
B. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10011 - Disclaimer of power held in fiduciary capacity

14-10011.
Disclaimer of power held in fiduciary capacity
A. If a fiduciary disclaims a power held in a fiduciary capacity that has not been exercised,  the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
B. If a fiduciary disclaims a power held in a fiduciary capacity that has been exercised,  the disclaimer takes effect immediately after the last exercise of the power.
C. A disclaimer under this section is effective as to another fiduciary if the disclaimer so provides and the fiduciary disclaiming has the authority to bind the estate,  trust or other person for whom the fiduciary is acting.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10013 - When disclaimer barred or limited

14-10013.
When disclaimer barred or limited
A. A disclaimer is barred by a written waiver of the right to disclaim.
B. A disclaimer of an interest in property is barred if any of the following events occurs before the disclaimer becomes effective:
1. The disclaimant accepts the interest sought to be disclaimed.
2. The disclaimant voluntarily assigns,  conveys,  encumbers,  pledges or transfers the interest sought to be disclaimed or contracts to do so.
3. A judicial sale of the interest sought to be disclaimed occurs.
C. A disclaimer,  in whole or in part,  of the future exercise of a power held in a fiduciary capacity is not barred by its previous exercise.
D. A disclaimer,  in whole or in part,  of the future exercise of a power not held in a fiduciary capacity is not barred by its previous exercise unless the power is exercisable in favor of the disclaimant.
E. A disclaimer is barred or limited if so provided by law other than this chapter.
F. A disclaimer of a power over property that is barred by this section is ineffective. A disclaimer of an interest in property that is barred by this section takes effect as a transfer of the interest disclaimed to the person who would have taken the interest under this chapter had the disclaimer not been barred.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10014 - Tax qualified disclaimer

14-10014.
Tax qualified disclaimer
Notwithstanding any other provision of this chapter,  if as a result of a disclaimer or transfer the disclaimed or transferred interest is treated,  pursuant to the internal revenue code as defined in section 43-105 and rules adopted pursuant to that section,  as never having been transferred to the disclaimant,  the disclaimer or transfer is effective as a disclaimer under this chapter.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10015 - Recording of disclaimer

14-10015.
Recording of disclaimer
If an instrument transferring an interest in or power over property subject to a disclaimer is required or permitted by law to be filed,  recorded or registered,  the disclaimer may be so filed,  recorded or registered. Failure to file,  record or register the disclaimer does not affect its validity as between the disclaimant and person to whom the property interest or power passes by reason of the disclaimer.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10016 - Application to existing relationships

14-10016.
Application to existing relationships
Except as otherwise provided in section 14-10013,  an interest in or power over property existing on the effective date of this chapter as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after the effective date of this chapter.
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10017 - Relation to electronic signatures in global and national commerce act

14-10017.
Relation to electronic signatures in global and national commerce act
This chapter modifies,  limits and supersedes the federal electronic signatures in global and national commerce act (P.L. 106-229;  114 Stat. 464;  15 United States Code sections 7001 through 7006) but does not modify,  limit or supersede section 101(c) of that act (15 United States Code section 7001(c)) or authorize electronic delivery of any of the notices described in section 103(b) of that act (15 United States Code section 7003(b)).
2023 Arizona Revised Statutes › Title 14 - Trusts, Estates and Protective Proceedings › § 14-10018 - Uniformity of application and construction

14-10018.
Uniformity of application and construction
In applying and construing this chapter,  consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the uniform disclaimer of property interests act and to the comments adopted by the national conference of commissioners on uniform state laws with respect to the uniform disclaimer of property interests act.