2005 Arizona Revised Statutes - Revised Statutes §14-7231  Definitions

In this article, unless the context otherwise requires:

1. "Prudent man" means a trustee whose exercise of trust powers is reasonable and equitable in view of the interests of income or principal beneficiaries, or both, and in view of the manner in which men of ordinary prudence, diligence, discretion and judgment would act in the management of the property of others.

2. "Trust" means an express trust created by a trust instrument including a will, by which a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. Trust does not include a resulting or constructive trust, a business trust which provides for certificates to be issued to the beneficiary, an investment trust, a voting trust, a security instrument, a trust created by the judgment or decree of a court, a liquidation trust or a trust for the primary purpose of paying dividends, interest, interest coupons, salaries, wages, pensions or profits, or employee benefits of any kind, an instrument in which a person is nominee or escrowee for another, a trust created in deposits in any financial institution or other trust the nature of which does not admit of general trust administration.

3. "Trustee" means an original, added or successor trustee.