What law governs fiduciary obligations in Arizona?

The correct answer indicates that the Arizona Revised Statutes govern fiduciary obligations in Arizona. The Arizona Revised Statutes are the collection of laws enacted by the Arizona Legislature, and they provide a comprehensive legal framework for various legal concepts, including fiduciary duties. Fiduciaries, such as guardians, conservators, and agents under durable powers of attorney, are bound by these statutes to act in the best interest of the individuals they serve.

The statutes outline the duties, powers, and limitations of fiduciaries, ensuring there is a legal standard that regulates their conduct and protects the interests of the beneficiaries or wards. This body of law helps define the expectations for ethical and responsible management of another person's affairs, which is central to fiduciary relationships.

The other options do not govern fiduciary obligations in the same comprehensive way. While the Arizona Constitution serves as the foundational legal document for the state’s governance, it does not specifically address fiduciary duties in detail. Federal law might come into play in certain contexts, but it does not govern state fiduciary obligations directly. Local governance rules can vary widely and may not address fiduciary matters comprehensively, relying more on state law to set the standards. Thus, the Arizona Revised Statutes are the primary source of law governing