Arizona § 37-444 Offset against rent due from trust beneficiaries; substituting trust designations

Arizona Statutes

§ 37-444 — Offset against rent due from trust beneficiaries; substituting trust designations

Arizona § 37-444

Title 37Arizona Revised Statutes

Ch. 2ADMINISTRATION OF STATE AND OTHER PUBLIC LANDS

Art. 9Use of State Lands by State Institutions

This text of Arizona § 37-444 (Offset against rent due from trust beneficiaries; substituting trust designations) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 37-444 (2026).

Text

A.If a state agency or institution that leases a parcel of trust land is also a beneficiary of that trust, the department may offset trust proceeds to the agency against the rent due from the agency or institution. The amount of the offset shall be included in the agency's or institution's beneficiary account under the trust and shall be recorded by the department and the agency or institution in accordance with generally accepted accounting principles.

B.The commissioner, with the approval of the selection board, may transfer and substitute the designation of trust land parcels between land grant trusts if the parcels have substantially equal value and the substitution would permit an offset under subsection A against the rent due from a state agency or institution that leases one of t

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A. If a state agency or institution that leases a parcel of trust land is also a beneficiary of that trust, the department may offset trust proceeds to the agency against the rent due from the agency or institution. The amount of the offset shall be included in the agency's or institution's beneficiary account under the trust and shall be recorded by the department and the agency or institution in accordance with generally accepted accounting principles.

B. The commissioner, with the approval of the selection board, may transfer and substitute the designation of trust land parcels between land grant trusts if the parcels have substantially equal value and the substitution would permit an offset under subsection A against the rent due from a state agency or institution that leases one of the parcels.