14-10105. Default and mandatory rules

358 words·~2 min read·/az/title-14/14-10105

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Except as otherwise provided in the terms of the trust, this chapter governs:

1. The duties, powers, exercise of powers, resignation and appointment of a trustee.

2. Conflicts of interest of a trustee.

3. Relations among trustees.

4. Combinations or divisions of trusts.

5. The rights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this chapter except:

1. The requirements for creating a trust.

2. The duty of a trustee to act in good faith and in accordance with the purposes of the trust.

3. The requirement that a trust and its terms be for the benefit of its beneficiaries and that the trust have a purpose that is lawful, not contrary to public policy and possible to achieve.

4. The power of the court to modify or terminate a trust under sections 14-10410, 14-10411, 14-10412, 14-10413, 14-10414, 14-10415 and 14-10416.

5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in article 5 of this chapter.

6. The power of the court under section 14-10702 to require, dispense with, modify or terminate a bond.

7. The power of the court under section 14-10708, subsection B to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high.

8. The duty to respond to the request of a qualified beneficiary of an irrevocable trust for trustee's reports and other information reasonably related to the administration of a trust.

9. The effect of an exculpatory term under section 14-11008.

10. The rights under sections 14-11010, 14-11011, 14-11012 and 14-11013 of a person other than a trustee or beneficiary.

11. Periods of limitation for commencing a judicial proceeding.

12. The power of the court to take action consistent with the settlor's intent and exercise jurisdiction as may be necessary in the interests of justice.

13. The subject matter jurisdiction of the court and venue for commencing a proceeding as provided in sections 14-10203 and 14-10204.

14. The notice provisions of section 14-10110, subsection B.

15. The enforceability of a penalty clause under section 14-10113.