Arizona § 14-10414 Modification or termination of uneconomic trust

Arizona Statutes

§ 14-10414 — Modification or termination of uneconomic trust

Arizona·Title 14 Arizona Revised Statutes·Ch. 11 ARIZONA TRUST CODE·Art. 4 Creation, Validity, Modification and Termination of Trust

A.After notice to the qualified beneficiaries, the trustee of a trust that consists of trust property having a total value of less than one hundred thousand dollars or that is uneconomic to administer may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. This subsection does not apply to an interested trustee as defined in section 14-11014.

B.The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.

C.On termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.

D.Th

Free access — add to your briefcase to read the full text and ask questions with AI

A. After notice to the qualified beneficiaries, the trustee of a trust that consists of trust property having a total value of less than one hundred thousand dollars or that is uneconomic to administer may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. This subsection does not apply to an interested trustee as defined in section 14-11014.

B. The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.

C. On termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.

D. This section does not apply to an easement for conservation or preservation.

Arizona § 14-10414 (Modification or termination of uneconomic trust) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.