 |
Arizona Revised Statutes (Last Updated: March 31, 2016) |
 |
Title 14. Trusts, Estates and Protective Proceedings |
|
Chapter 11. ARIZONA TRUST CODE |
|
Article 10. Liability of Trustees and Rights of Persons Dealing with Trustees |
Sec 14-11012. Protection of person dealing with trustee
-
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.