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Arizona Revised Statutes

Paragraph 6-801.9 of the Arizona Revised Statutes contains the following definition:

"Subdivision trust" means an agreement in which title to real property or an interest therein is held for the limited purposes of holding, subdividing, developing or selling real property or an interest therein, or to facilitate any business transaction with respect thereto and under which agreement the trustee acts pursuant to direction of its beneficiaries, and without discretionary powers, with respect to the holding, subdividing, development or sale of real estate or an interest therein or the disposition of the proceeds therefrom. Subdivision trusts are, for the purpose of regulation under this chapter, escrows, except this paragraph shall not be construed to limit the obligation or liability of trustees of subdivision trusts under common law or otherwise.

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