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