The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
14-10704 - Vacancy in trusteeship; appointment of successor
14-10704. Vacancy in trusteeship; appointment of successor
A. A vacancy in a trusteeship occurs if:
1. A person designated as trustee rejects the trusteeship.
2. A person designated as trustee cannot be identified or does not exist.
3. A trustee resigns.
4. A trustee is disqualified or removed.
5. A trustee dies.
6. A guardian or conservator is appointed for an individual serving as trustee.
B. If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
C. A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
1. By a person designated in the terms of the trust to act as successor trustee or a person who is appointed by a person who has authority in the trust instrument to appoint a successor trustee.
2. By a person appointed by unanimous agreement of the qualified beneficiaries.
3. By a person appointed by the court.
D. A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
1. By a person designated in the terms of the trust to act as successor trustee.
2. By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust.
3. By a person appointed by the court.
E. Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.