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| Home > Statutes > Usa-Arizona |
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USA Statutes : arizona
Title : Trusts, Estates and Protective Proceedings
Chapter : UNIFORM CUSTODIAL TRUST ACT
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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.
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.
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. 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.
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.
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.
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. 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.
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.
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.
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.
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.
14-9113 Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee
A. Before accepting the custodial trust property, a person designated as custodial
trustee may decline to serve by notifying the person who made the designation, the
transferor or the transferor's legal representative. If an event giving rise to a
transfer has not occurred, the substitute custodial trustee designated under section
14-9103 becomes the custodial trustee or, if a substitute custodial trustee has not been
designated, the person who made the designation may designate a substitute custodial
trustee pursuant to section 14-9103. In other cases, the transferor or the transferor's
legal representative may designate a substitute custodial trustee.
B. A custodial trustee who has accepted the custodial trust property may resign by
doing both of the following:
1. Delivering written notice to a successor custodial trustee, if any, the
beneficiary and, if the beneficiary is incapacitated, to the beneficiary's conservator,
if any.
2. Transferring or registering, or recording an appropriate instrument relating to,
the custodial trust property, in the name of, and delivering the records to, the
successor custodial trustee identified under subsection C of this section.
C. If a custodial trustee or successor custodial trustee is ineligible, resigns,
dies or becomes incapacitated, the successor who is designated under section 14-9102,
subsection G or section 14-9103 becomes the custodial trustee. If there is no effective
provision for a successor, the beneficiary, if not incapacitated, may designate a
successor custodial trustee. If the beneficiary is incapacitated or fails to act within
ninety days after the ineligibility, resignation, death or incapacity of the custodial
trustee, the beneficiary's conservator becomes the successor custodial trustee. If the
beneficiary does not have a conservator or the conservator fails to act, the resigning
custodial trustee may designate a successor custodial trustee.
D. If a successor custodial trustee is not designated pursuant to subsection C of
this section, the transferor, the legal representative of the transferor or of the
custodial trustee, an adult member of the beneficiary's family, the guardian of the
beneficiary, a person interested in the custodial trust property or a person interested
in the welfare of the beneficiary may petition the court to designate a successor
custodial trustee.
E. A custodial trustee who declines to serve or who resigns or the legal
representative of a deceased or incapacitated custodial trustee, as soon as practicable,
shall put the custodial trust property and records in the possession and control of the
successor custodial trustee. The successor custodial trustee may enforce the obligation
to deliver custodial trust property and records and becomes responsible for each item as
received.
F. A beneficiary, the beneficiary's conservator, an adult member of the
beneficiary's family, a guardian of the person of the beneficiary, a person interested in
the custodial trust property or a person interested in the welfare of the beneficiary may
petition the court to remove the custodial trustee for cause and designate a successor
custodial trustee, to require the custodial trustee to furnish a bond or other security
for the faithful performance of fiduciary duties or for other appropriate relief.
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.
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. 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. 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.
14-9118 Methods and forms for creating custodial trusts
A. If a transaction, including a declaration with respect to or a transfer of
specific property, otherwise satisfies applicable law, the criteria of section 14-9102
are satisfied by either:
1. The execution and either delivery to the custodial trustee or recording of an
instrument in substantially the following form:
Transfer under the ARIZONA
Uniform Custodial Trust Act
I, _______________ (name of transferor or name and representative
capacity if a fiduciary), transfer to _______________ (name of trustee other
than transferor), as custodial trustee for __________________ (name of
beneficiary) as beneficiary and ________________ as distributee on termination
of the trust in absence of direction by the beneficiary under the ARIZONA
uniform custodial trust act, the following:
______________________________________________________ (insert a description
of the custodial trust property legally sufficient to identify and transfer
each item of property).
Dated: _______________________
______________________________
(Signature).
2. The execution and the recording or giving notice of its execution to the
beneficiary of an instrument in substantially the following form:
Declaration of Trust under the ARIZONA
Uniform Custodial Trust Act
I, __________________ (name of owner of property), declare that I hold
as custodial trustee for ___________________ (name of beneficiary other than
transferor) as beneficiary and ______________________ as distributee on
termination of the trust in absence of direction by the beneficiary under the
ARIZONA uniform custodial trust act, the following:
_______________________________________________________________ (Insert a
description of the custodial trust property legally sufficient to identify and
transfer each item of property).
Dated: _______________________
______________________________
(Signature)
B. Customary methods of transferring or evidencing ownership of property may be
used to create a custodial trust, including any of the following:
1. Registration of a security in the name of a trust company, an adult other than
the transferor or the transferor if the beneficiary is other than the transferor,
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".
2. Delivery of a certificated security or a document necessary for the transfer of
an uncertificated security, together with any necessary endorsement, to an adult other
than the transferor or to a trust company as custodial trustee, accompanied by an
instrument in substantially the form prescribed in subsection A of this section.
3. Payment of money or transfer of a security held in the name of a broker or a
financial institution or its nominee to a broker or financial institution for credit to
an account in the name of a trust company, an adult other than the transferor or the
transferor if the beneficiary is other than the transferor, 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".
4. Registration of ownership of a life or endowment insurance policy or annuity
contract with the issuer in the name of a trust company, an adult other than the
transferor or the transferor if the beneficiary is other than the transferor, 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".
5. Delivery of a written assignment to an adult other than the transferor or to a
trust company whose name in the assignment is designated in substance by the words: "as
custodial trustee for _______________ (name of beneficiary) under the uniform custodial
trust act pursuant to title 14, chapter 9, ARIZONA Revised Statutes".
6. Irrevocable exercise of a power of appointment, pursuant to its terms, in favor
of a trust company, an adult other than the donee of the power or the donee who holds the
power if the beneficiary is other than the donee, whose name in the appointment is
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".
7. Delivery of a written notification or assignment of a right to future payment
under a contract to an obligor that transfers the right under the contract to a trust
company, an adult other than the transferor or the transferor if the beneficiary is other
than the transferor, whose name in the notification or assignment is 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".
8. Execution, delivery and recordation of a conveyance of an interest in real
property in the name of a trust company, an adult other than the transferor or the
transferor if the beneficiary is other than the transferor, 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".
9. Issuance of a certificate of title by an agency of a state or of the United
States that evidences title to tangible personal property that is either:
(a) Issued in the name of a trust company, an adult other than the transferor or
the transferor if the beneficiary is other than the transferor, 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".
(b) Delivered to a trust company or an adult other than the transferor or endorsed
by the transferor to that person, 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".
10. Execution and delivery of an instrument of gift to a trust company or an adult
other than the transferor, 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". 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.
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