reglab/housing_qa huggingface dataset:
AR Code § 28-69-801 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-801. Short title

 This subchapter may be cited as the Uniform Prudent Management of Institutional Funds Act (2006).
AR Code § 28-69-802 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-802. Definitions

 In this subchapter:   (1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.  (2) “Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.  (3) “Gift instrument” means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.  (4) “Institution” means:  (A) a person, other than an individual, organized and operated exclusively for charitable purposes;  (B) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or  (C) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.    (5) “Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include:  (A) program-related assets;  (B) a fund held for an institution by a trustee that is not an institution; or  (C) a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.    (6) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.  (7) “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.  (8) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
AR Code § 28-69-804 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-804. Appropriation for expenditure or accumulation of endowment fund — Rules of construction

 (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:  (1) the duration and preservation of the endowment fund;  (2) the purposes of the institution and the endowment fund;  (3) general economic conditions;  (4) the possible effect of inflation or deflation;  (5) the expected total return from income and the appreciation of investments;  (6) other resources of the institution; and  (7) the investment policy of the institution.    (b) To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation.  (c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only “income”, “interest”, “dividends”, or “rents, issues, or profits”, or “to preserve the principal intact”, or words of similar import:  (1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and  (2) do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a).
AR Code § 28-69-805 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-805. Delegation of management and investment functions

 (a) Subject to any specific limitation set forth in a gift instrument or in law other than this subchapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:  (1) selecting an agent;  (2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and  (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.    (b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.  (c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.  (d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.  (e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this subchapter.
AR Code § 28-69-806 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-806. Release or modification of restrictions on management, investment, or purpose

 (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.  (b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention.  (c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.  (d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:  (1) the institutional fund subject to the restriction has a total value of less than $25,000;  (2) more than 20 years have elapsed since the fund was established; and  (3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
AR Code § 28-69-807 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-807. Reviewing compliance

 Compliance with this subchapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
AR Code § 28-69-808 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-808. Application to existing institutional funds

 This subchapter applies to institutional funds existing on or established after the effective date of this subchapter. As applied to institutional funds existing on the effective date of this subchapter this subchapter governs only decisions made or actions taken on or after that date.
AR Code § 28-69-809 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-809. Relation to Electronic Signatures in Global and National Commerce Act

 This subchapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S.C. Section 7003(b).
AR Code § 28-69-810 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 8 - Uniform Prudent Management of Institutional Funds Act (2006)|§ 28-69-810. Uniformity of application and construction

 In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
AR Code § 28-70-101 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 1 - Definitions and Fiduciary Duties|§ 28-70-101. Short title

 This chapter may be cited as the “Uniform Principal and Income Act.”
AR Code § 28-70-102 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 1 - Definitions and Fiduciary Duties|§ 28-70-102. Definitions

 In this chapter:   (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.  (2) “Beneficiary” includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.  (3) “Fiduciary” means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.  (4) “Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in § 28-70-401 et seq.  (5) “Income beneficiary” means a person to whom net income of a trust is or may be payable.  (6) “Income interest” means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.  (7) “Mandatory income interest” means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.  (8) “Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.  (9) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity.  (10) “Principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates.  (11) “Remainder beneficiary” means a person entitled to receive principal when an income interest ends.  (12) “Terms of a trust” means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.  (13) “Trustee” includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
AR Code § 28-70-103 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 1 - Definitions and Fiduciary Duties|§ 28-70-103. Fiduciary duties — General principles

 (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of § 28-70-201 et seq. and § 28-70-301 et seq., a fiduciary:  (1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;  (2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter;  (3) shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and  (4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.    (b) In exercising the power to adjust under § 28-70-104(a) or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.
AR Code § 28-70-202 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 2 - Decedent's Estate or Terminating Income Interest|§ 28-70-202. Distribution to residuary and remainder beneficiaries

 (a) Each beneficiary described in § 28-70-201(4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.  (b) In determining a beneficiary's share of net income, the following rules apply:  (1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations.  (2) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust.  (3) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation.  (4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.    (c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.  (d) A trustee may apply the rules in this section, to the extent that the trustee considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.
AR Code § 28-70-301 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 3 - Apportionment at Beginning and End of Income Interest|§ 28-70-301. When right to income begins and ends

 (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.  (b) An asset becomes subject to a trust:  (1) on the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;  (2) on the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or  (3) on the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.    (c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d), even if there is an intervening period of administration to wind up the preceding income interest.  (d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.
AR Code § 28-70-302 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 3 - Apportionment at Beginning and End of Income Interest|§ 28-70-302. Apportionment of receipts and disbursements when decedent dies or income interest begins

 (a) A trustee shall allocate an income receipt or disbursement other than one to which § 28-70-201(1) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.  (b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal, and the balance must be allocated to income.  (c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which § 28-70-401 applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
AR Code § 28-70-303 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 3 - Apportionment at Beginning and End of Income Interest|§ 28-70-303. Apportionment when income interest ends

 (a) In this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.  (b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than 5 percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.  (c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.