Arizona § 14-11012 Protection of person dealing with trustee

Arizona Statutes

§ 14-11012 — Protection of person dealing with trustee

Arizona·Title 14 Arizona Revised Statutes·Ch. 11 ARIZONA TRUST CODE·Art. 10 Liability of Trustees and Rights of Persons Dealing with Trustees

A.A person other than a beneficiary who in good faith assists a trustee or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee properly exercised the power.

B.A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.

C.A person who in good faith delivers assets to a trustee need not ensure their proper application.

D.A person other than a beneficiary who in good faith assists a former trustee or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated, is protected from

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A. A person other than a beneficiary who in good faith assists a trustee or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee properly exercised the power.

B. A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.

C. A person who in good faith delivers assets to a trustee need not ensure their proper application.

D. A person other than a beneficiary who in good faith assists a former trustee or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated, is protected from liability as if the former trustee were still a trustee.

E. Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.

Arizona § 14-11012 (Protection of person dealing with trustee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.