reglab/housing_qa huggingface dataset:
AR Code § 28-72-401 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-401. Definitions

 As used in this subchapter:   (1) “Adult” means an individual who is at least eighteen (18) years of age.  (2) “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this subchapter.  (3) “Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.  (4) “Court” means the circuit court of the appropriate county of this state.  (5) “Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this subchapter and the income from the proceeds of that interest.  (6) “Custodial trustee” means a person designated as trustee of a custodial trust under this subchapter or a substitute or successor to the person designated.  (7) “Guardian” means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem.  (8) “Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.  (9) “Legal representative” means a personal representative or conservator.  (10) “Member of the beneficiary's family” means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.  (11) “Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.  (12) “Personal representative” means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.  (13) “State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.  (14) “Transferor” means a person who creates a custodial trust by transfer or declaration.  (15) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
AR Code § 28-72-402 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-402. Custodial trust — General

 (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under this subchapter.  (b) A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under this subchapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this subchapter.  (c) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.  (d) Except as provided in subsection (e), a transferor may not terminate a custodial trust.  (e) The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.  (f) Any person may augment existing custodial trust property by the addition of other property pursuant to this subchapter.  (g) The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.  (h) This subchapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this subchapter may be enforceable according to its terms under other law.
AR Code § 28-72-403 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-403. Custodial trustee for future payment or transfer

 (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act, § 28-72-401 et seq.”  (b) Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.  (c) A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.
AR Code § 28-72-404 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-404. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction

 (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this subchapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.  (b) The custodial trustee's acceptance may be evidenced by a writing stating in substance:  (c) Upon accepting custodial trust property, a person designated as custodial trustee under this subchapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.    CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE I, (name of custodial trustee), acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Arkansas Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of . Dated: (Signature of Custodial Trustee)   Click to view form.
AR Code § 28-72-405 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-405. Transfer to custodial trustee by fiduciary or obligor — Facility of payment

 (a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 28-72-403, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.  (b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
AR Code § 28-72-406 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-406. Multiple beneficiaries — Separate custodial trusts — Survivorship

 (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.  (b) Custodial trust property held under this subchapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.  (c) A custodial trustee of custodial trust property held for more than one (1) beneficiary shall separately account to each beneficiary pursuant to §§ 28-72-407 and 28-72-415 for the administration of the custodial trust.
AR Code § 28-72-407 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-407. General duties of custodial trustee

 (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.  (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use that skill or expertise.  (c) Subject to subsection (b), a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.  (d) A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control, separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act, § 28-72-401 et seq.”  (e) A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.  (f) The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust.
AR Code § 28-72-408 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-408. General powers of custodial trustee

 (a) A custodial trustee, acting in fiduciary capacity, has all the rights and powers of custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.  (b) This section does not relieve a custodial trustee from liability for a violation of § 28-72-407.
AR Code § 28-72-409 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-409. Use of custodial trust property

 (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.  (b) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.  (c) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
AR Code § 28-72-410 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-410. Determination of incapacity — Effect

 (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under § 28-72-405, (ii) the transferor has so directed in the instrument creating the custodial trust, or (iii) the custodial trustee has determined that the beneficiary is incapacitated.  (b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon (i) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority pursuant to a durable power of attorney, (ii) the certificate of the beneficiary's physician, or (iii) other persuasive evidence.  (c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary's incapacity has ceased, or that circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary, the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.  (d) On petition of the beneficiary, the custodial trustee, or other person interested in the custodial trust property or the welfare of the beneficiary, the court shall determine whether the beneficiary is incapacitated.  (e) Absent determination of incapacity of the beneficiary under subsection (b) or (d), a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of this subchapter applicable to an incapacitated beneficiary.  (f) Incapacity of a beneficiary does not terminate:  (i) The custodial trust;  (ii) Any designation of a successor custodial trustee;  (iii) Rights or powers of the custodial trustee; or  (iv) Any immunities of third persons acting on instructions of the custodial trustee.
AR Code § 28-72-411 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-411. Exemption of third person from liability

 A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:   (1) the validity of the purported custodial trustee's designation;  (2) the propriety of, or the authority under this subchapter for, any action of the purported custodial trustee;  (3) the validity or propriety of an instrument executed or instruction given pursuant to this subchapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or  (4) the propriety of the application of property vested in the purported custodial trustee.
AR Code § 28-72-412 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-412. Liability to third person

 (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.  (b) A custodial trustee is not personally liable to a third person:  (1) on a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or  (2) for an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.    (c) A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.  (d) Subsections (b) and (c) do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person is protected as the insured by liability insurance.
AR Code § 28-72-414 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-414. Expenses, compensation, and bond of custodial trustee

 Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:   (1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;  (2) has a noncumulative election, to be made no later than six (6) months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and  (3) need not furnish a bond or other security for the faithful performance of fiduciary duties.
AR Code § 28-72-415 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 4 - Arkansas Custodial Trust Act|§ 28-72-415. Reporting and accounting by custodial trustee — Determination of liability of custodial trustee

 (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary's legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.  (b) A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative.  (c) A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.  (d) In an action or proceeding under this subchapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.  (e) If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.  (f) On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.