What Happens When the Statute Does Not Cover Your Situation
No single statute can cover every scenario with fiduciary deals. This section makes sure there is no legal gap.
If the Uniform Fiduciaries Act does not address a question, the answer comes from older legal traditions. These rules have guided good faith dealings for centuries.
In any case not provided for in this article the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.
A.R.S. § 14-7510The "law merchant" is one of the oldest bodies of commercial law. Traders developed it through centuries of practice.
By listing it with trust law, agency law, and banking rules, this statute ensures a complete legal framework covers fiduciary deals.
Why This Matters for Trust Management
This statute gives trustees and their partners peace of mind. Even if a situation falls outside the act, a legal framework still applies.
Arizona courts can draw on equity, commercial law, and banking practices to resolve disputes.
Anyone who owes fiduciary duties must use care when handling someone else's property. This is true for trustees, agents, and managers. It applies even when the statute says nothing about the specific facts.
This matters most when trustees handle complex deals or work with several banks. The rules do not vanish just because the statute is silent on a point.
For families who rely on a trustee, this means there is always a legal standard in place. The trustee's conduct can be measured against established rules of good faith and fair dealing.