2005 Arizona Revised Statutes - Revised Statutes §10-11803  Rule of construction

Section 10-11802 does not apply if the applicable gift instrument indicates the donor's intention that net appreciation shall not be spent. A restriction on the expenditure of net appreciation may not be implied from a designation of a gift as an endowment, or from a direction or authorization in the applicable gift instrument to use only "income", "interest", "dividends", or "rents, issues or profits" or "to preserve the principal intact" or a direction that contains other similar words. This rule of construction applies to gift instruments executed or in effect before or after August 18, 1987.