Arizona § 14-10908 Life insurance on settlor; liability of trustee

Arizona Statutes

§ 14-10908 — Life insurance on settlor; liability of trustee

Arizona·Title 14 Arizona Revised Statutes·Ch. 11 ARIZONA TRUST CODE·Art. 9 Prudent Investor Rule

A trustee may acquire or retain a contract of life insurance on the life of the settlor or the settlor's spouse, or both, without liability for a loss arising from the trustee's failure to:

1.Determine whether the contract is or remains a proper investment.

2.Investigate the financial strength of the life insurance company.

3.Exercise nonforfeiture provisions available under the contract.

4.Diversify the contract.

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A trustee may acquire or retain a contract of life insurance on the life of the settlor or the settlor's spouse, or both, without liability for a loss arising from the trustee's failure to:

1. Determine whether the contract is or remains a proper investment.

2. Investigate the financial strength of the life insurance company.

3. Exercise nonforfeiture provisions available under the contract.

4. Diversify the contract.

Arizona § 14-10908 (Life insurance on settlor; liability of trustee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.