reglab/housing_qa huggingface dataset:
AR Code § 28-73-413 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 4 - Creation, Validity, Modification, and Termination of Trust|§ 28-73-413. Cy pres

 (a) Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:  (1) the trust does not fail, in whole or in part;  (2) the trust property does not revert to the settlor or the settlor's successors in interest; and  (3) a court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.    (b) A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of a court under subsection (a) to apply cy pres to modify or terminate the trust only if, when the provision takes effect:  (1) the trust property is to revert to the settlor and the settlor is still living; or  (2) less than thirty (30) years have elapsed since the date of the trust's creation.
AR Code § 28-73-414 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 4 - Creation, Validity, Modification, and Termination of Trust|§ 28-73-414. Modification or termination of uneconomic trust

 (a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than one hundred thousand dollars ($100,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.  (b) A court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.  (c) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.  (d) This section does not apply to an easement for conservation or preservation.
AR Code § 28-73-415 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 4 - Creation, Validity, Modification, and Termination of Trust|§ 28-73-415. Reformation to correct mistakes

 A court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement.
AR Code § 28-73-416 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 4 - Creation, Validity, Modification, and Termination of Trust|§ 28-73-416. Modification to achieve settlor's tax objectives

 To achieve the settlor's tax objectives, a court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.
AR Code § 28-73-417 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 4 - Creation, Validity, Modification, and Termination of Trust|§ 28-73-417. Combination and division of trusts

 (a)  (1) After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust.  (2) A trustee may exercise the authority granted in this section without court approval.    (b) This section does not repeal the Trustee Division of Trusts Act, § 28-69-701 et seq.
AR Code § 28-73-501 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts|§ 28-73-501. Rights of beneficiary's creditor or assignee

 To the extent a beneficiary's interest is not protected by a spendthrift provision, a court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.
AR Code § 28-73-502 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts|§ 28-73-502. Spendthrift provision

 (a) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.  (b) A term of a trust providing that the interest of a beneficiary is held subject to a “spendthrift trust”, or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.  (c) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this subchapter, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
AR Code § 28-73-504 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts|§ 28-73-504. Discretionary trusts — Effect of standard

 (a) Whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if:  (1) the discretion is expressed in the form of a standard of distribution; or  (2) the trustee has abused the discretion.    (b) This section does not limit the right of a beneficiary to maintain a judicial proceeding against a trustee for an abuse of discretion or failure to comply with a standard for distribution. Under § 28-73-814(a), a trustee must always exercise a discretionary power in good faith and with regard to the purposes of the trust and the interests of the beneficiaries.  (c) A creditor may not reach the interest of a beneficiary who is also a trustee or cotrustee, or otherwise compel a distribution, if the trustee's discretion to make distributions for the trustee's own benefit is limited by an ascertainable standard.
AR Code § 28-73-505 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts|§ 28-73-505. Creditor's claim against settlor

 (a) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:  (1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors. If a trust has more than one (1) settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution.  (2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit. If a trust has more than one (1) settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution.    (b) For purposes of this section:  (1) During the period the power may be exercised, the holder of a power of withdrawal is treated in the same manner as the settlor of a revocable trust to the extent of the property subject to the power.  (2) On the lapse, release, or waiver of a power of withdrawal, the holder of a power of withdrawal is not, by reason of any such power of withdrawal, treated as the settlor of the trust.    (c)  (1) Subject to § 4-59-204, for the purposes of this section, property contributed to the following trusts is not deemed to have been contributed by the settlor, and a person who would otherwise be treated as a settlor or a deemed settlor of the following trusts shall not be treated as a settlor:  (A) an irrevocable trust that is treated as qualified terminable interest property under section 2523(f) of the Internal Revenue Code of 1986 as in effect on January 1, 2015, if the settlor is a beneficiary of the trust after the death of the settlor's spouse;  (B) an irrevocable trust that is treated as a general power of appointment trust under section 2523(e) of the Internal Revenue Code of 1986 as in effect on January 1, 2015, if the settlor is a beneficiary of the trust after the death of the settlor's spouse;  (C) an irrevocable trust for the benefit of a person to the extent that the property of the trust was subject to a general power of appointment in another person.    (2) For purposes of this subsection (c), a person is a beneficiary whether named under the initial trust instrument or through the exercise of a limited or general power of appointment by that person's spouse or by another person.  (3) For purposes of subdivision (c)(1)(C) of this section, a general power of appointment means a power of appointment exercisable in favor of the holder of the power, the estate of the holder of the power, a creditor of the holder of the power, or a creditor of the estate of the holder of the power.
AR Code § 28-73-506 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts|§ 28-73-506. Overdue distribution

 Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.
AR Code § 28-73-507 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts|§ 28-73-507. Personal obligations of trustee

 Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
AR Code § 28-73-601 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 6 - Revocable Trusts|§ 28-73-601. Capacity of settlor of revocable trust

 The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
AR Code § 28-73-602 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 6 - Revocable Trusts|§ 28-73-602. Revocation or amendment of revocable trust

 (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before September 1, 2005.  (b) If a revocable trust is created or funded by more than one (1) settlor:  (1) to the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;  (2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and  (3) upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.    (c) The settlor may revoke or amend a revocable trust:  (1) by substantial compliance with a method provided in the terms of the trust; or  (2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by:  (A) executing a later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust; or  (B) any other method manifesting clear and convincing evidence of the settlor's intent.      (d) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.  (e) A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.  (f) A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship.  (g) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
AR Code § 28-73-603 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 6 - Revocable Trusts|§ 28-73-603. Settlor's powers — Powers of withdrawal. [Effective until January 1, 2020.]

 (a) While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.  (b) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
AR Code § 28-73-603 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 6 - Revocable Trusts|§ 28-73-603. Settlor's powers — Powers of withdrawal. [Effective January 1, 2020.]

 (a) To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest, the trustee may follow a direction from the settlor and the other person holding the power to revoke even if the direction is contrary to the terms of the trust.  (b) While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.  (c) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
AR Code § 28-73-604 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 6 - Revocable Trusts|§ 28-73-604. Limitation on action contesting validity of revocable trust — Distribution of trust property

 (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of:  (1) three (3) years after the settlor's death; or  (2) ninety (90) days after the trustee sent the person a notice informing the person of the trust's existence, the settlor's name, the trustee's name and address, the time allowed for commencing a proceeding, and a description of the beneficiary's interest, if any.    (b) Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for the distribution unless:  (1) the trustee knows of a pending judicial proceeding contesting the validity of the trust; or  (2) a potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty (60) days after the contestant sent the notification.    (c) A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received.
AR Code § 28-73-701 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 7 - Office of Trustee|§ 28-73-701. Accepting or declining trusteeship

 (a) Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:  (1) by substantially complying with a method of acceptance provided in the terms of the trust; or  (2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.    (b) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.  (c) A person designated as trustee, without accepting the trusteeship, may:  (1) act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and  (2) inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
AR Code § 28-73-702 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 7 - Office of Trustee|§ 28-73-702. Trustee's bond

 (a) A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.  (b) A court may specify the amount of a bond, its liabilities, and whether sureties are necessary. A court may modify or terminate a bond at any time.  (c) A regulated financial service institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.
AR Code § 28-73-703 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 7 - Office of Trustee|§ 28-73-703. Cotrustees

 (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision.  (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.  (c) A cotrustee must participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.  (d) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.  (e) A trustee may not delegate to a cotrustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.  (f) Except as otherwise provided in subsection (g), a trustee who does not join in an action of another trustee is not liable for the action.  (g) Each trustee shall exercise reasonable care to:  (1) prevent a cotrustee from committing a serious breach of trust; and  (2) compel a cotrustee to redress a serious breach of trust.    (h) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.
AR Code § 28-73-704 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 7 - Office of Trustee|§ 28-73-704. Vacancy in trusteeship — Appointment of successor

 (a) A vacancy in a trusteeship occurs if:  (1) a person designated as trustee rejects the trusteeship;  (2) a person designated as trustee cannot be identified or does not exist;  (3) a trustee resigns;  (4) a trustee is disqualified or removed;  (5) a trustee dies; or  (6) a guardian of the person or conservator is appointed for an individual serving as trustee.    (b) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.  (c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:  (1) by a person designated in the terms of the trust to act as successor trustee;  (2) by a person appointed by unanimous agreement of the qualified beneficiaries; or  (3) by a person appointed by a court.    (d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:  (1) by a person designated in the terms of the trust to act as successor trustee;  (2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or  (3) by a person appointed by a court.    (e) Whether or not a vacancy in a trusteeship exists or is required to be filled, a court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
AR Code § 28-73-705 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 7 - Office of Trustee|§ 28-73-705. Resignation of trustee

 (a) A trustee may resign:  (1) upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or  (2) with the approval of a court.    (b) In approving a resignation, a court may issue orders and impose conditions reasonably necessary for the protection of the trust property.  (c) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.  (d) Subsection (a) applies only to irrevocable trusts created on or after September 1, 2005, and to revocable trusts which become irrevocable on or after September 1, 2005.