14-11003 - Arizona Statutes

14-11003. Damages in absence of breach A. Except as provided in section 14-7404, a trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. For the purposes of this subsection, profit does not include: 1. Reasonable compensation to which the trustee is entitled pursuant to section 14-10708. 2. Compensation or fees permitted pursuant to section 14-10802. 3. Reasonable fees or compensation for services rendered that the trustee or an affiliate customarily provides in the normal course of business and that are typical in the geographic area where the trust is administered. 4. Reasonable remuneration for services permitted pursuant to section 6-246. B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.