What Happens When the Statute Does Not Cover Your Situation
No single statute can anticipate every scenario involving fiduciary transactions. This section makes sure there is no legal vacuum. If the Uniform Fiduciaries Act does not address a particular question, the answer comes from well-established legal traditions that have governed these relationships 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, developed through centuries of trade practice. By referencing it alongside trust law, agency law, and banking regulations, this statute ensures that fiduciary transactions are governed by a complete and coherent set of rules.
Why This Matters for Trust Administration
For trustees and the institutions they work with, this statute provides reassurance. Even if a situation falls outside the specific provisions of the Uniform Fiduciaries Act, there is still a legal framework that applies. Courts can draw on equity principles, commercial law traditions, and established banking practices to resolve disputes.
This is particularly relevant when trustees engage in complex financial transactions, manage investment accounts, or interact with multiple financial institutions. The rules do not disappear just because the statute is silent on a specific point.
