reglab/housing_qa huggingface dataset:
AR Code § 28-72-416 (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|§ 28-72-416. Limitations of action against custodial trustee

 (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:  (1) Who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two (2) years after receipt of the final account or statement; or  (2) Who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three (3) years after the termination of the custodial trust.    (b) Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five (5) years after the termination of the custodial trust.  (c) A claim for relief is not barred by this section if the claimant:  (1) is a minor, until the earlier of two (2) years after the claimant becomes an adult or dies;  (2) is an incapacitated adult, until the earliest of two (2) years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or  (3) was an adult, now deceased, who was not incapacitated, until two (2) years after the claimant's death.
AR Code § 28-72-417 (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|§ 28-72-417. Distribution on termination

 (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:  (1) to the beneficiary, if not incapacitated or deceased;  (2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or  (3) upon the beneficiary's death, in the following order:    (b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.  (c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.     (i)  as last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;   (ii) to the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 28-72-406;    (iii)  as designated in the instrument creating the custodial trust; or    (iv)  to the estate of the deceased beneficiary.
AR Code § 28-72-419 (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|§ 28-72-419. Applicable law

 (a) This subchapter applies to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this subchapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this state.  (b) A transfer made pursuant to an act of another state substantially similar to this subchapter is governed by the law of that state and may be enforced in this state.
AR Code § 28-72-420 (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|§ 28-72-420. Uniformity of application and construction

 This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it.
AR Code § 28-72-421 (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|§ 28-72-421. Title

 This subchapter may be cited as the “Arkansas Custodial Trust Act.”
AR Code § 28-72-422 (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|§ 28-72-422. Severability

 If any provision of this act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of this act are declared to be severable.
AR Code § 28-72-501 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-501. Short title

 This subchapter shall be known as the “Long-Term Intergenerational Security Act of 1995”.
AR Code § 28-72-502 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-502. Legislative intent

 (a) It is found and declared by the General Assembly that the establishment of a long-term intergenerational security trust with tax deferment provisions for an individual under eighteen (18) years of age will enable the individual's family and friends to take advantage of long-term growth opportunities and provide for the accumulation of a sizable sum of money for the individual's retirement and financial security.  (b) It is further found and declared that individuals are living longer after retirement and their incomes do not generally grow with inflation and that the additional source of money created by a long-term intergenerational security trust will improve the quality of life of older Arkansans and possibly indirectly reduce present government expenditures.
AR Code § 28-72-503 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-503. Definition

 For purposes of this subchapter, “long-term intergenerational security trust” means a trust established for an individual under eighteen (18) years of age which contains the provisions prescribed in § 28-72-504(a).
AR Code § 28-72-504 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-504. Long-term intergenerational security trust agreement

 (a) The long-term intergenerational security trust agreement must:  (1) Name an Arkansas resident or an entity located in Arkansas as trustee;  (2) Provide that contributions to the trust shall not exceed four thousand dollars ($4,000) during any taxable year prior to the beneficiary's death;  (3)  (A) Provide that the trustee shall not distribute any funds from the trust to the beneficiary of the trust until the beneficiary reaches fifty-five (55) years of age, at which time the trustee shall begin distributing trust funds to the beneficiary.  (B) The funds shall not be deemed to be constructively received when the beneficiary reaches fifty-five (55) years of age; and    (4) Require the trustee to notify the Department of Finance and Administration of all distributions of principal and interest from the trust during the previous taxable year within thirty-one (31) days immediately following the end of the taxable year.    (b) A beneficiary must file a copy of the long-term intergenerational security trust agreement with his or her income tax return for each taxable year the beneficiary claims the tax benefits provided in this subchapter.
AR Code § 28-72-505 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-505. Tax and penalty on earnings

 (a)  (1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929.  (2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn.    (b)  (1) In addition to any income tax imposed for distributions from the long-term intergenerational security trust as provided in subsection (a) of this section, there is imposed a twenty percent (20%) penalty on all distributions from the trust in violation of this subchapter.  (2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.
AR Code § 28-72-506 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-506. When beneficiary may determine investment

 Upon reaching eighteen (18) years of age, the beneficiary of a long-term intergenerational security trust may determine, to the extent possible, the manner in which the funds are to be invested.
AR Code § 28-72-507 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 5 - Long-Term Intergenerational Security Act of 1995|§ 28-72-507. Distribution on death

 Upon the death of the beneficiary, all funds remaining in the long-term intergenerational security trust shall be distributed to the beneficiary's estate, and all undistributed income shall be included in the beneficiary's final tax return.
AR Code § 28-72-601 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 6 - Qualified Spousal Trust|§ 28-72-601. Definitions

 As used in this subchapter:   (1) “Property” means an interest in any type of property that is:  (A) Held in a qualified spousal trust;  (B) Income earned from property held in a qualified spousal trust; and  (C) Property into which the interest, proceeds, or income earned from property held in a qualified spousal trust may be converted; and    (2) “Qualified spousal trust” means a trust that:  (A) At the time of its creation has two (2) settlors who are married to each other; and  (B) Includes terms requiring that during the joint lives of the settlors, all property transferred to or held by the trustee shall be held and administered:  (i) In one (1) trust for the benefit of both settlors and allows:  (a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and  (b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor;    (ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows:  (a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and  (b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or    (iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section.
AR Code § 28-72-602 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 6 - Qualified Spousal Trust|§ 28-72-602. Settlement of trust

 (a) A qualified spousal trust may include a trust term that is not inconsistent with the provisions of this subchapter, including without limitation a discretionary power to distribute trust property to a person other than a settlor.  (b)  (1) Unless otherwise provided in writing by each settlor who transfers property to a qualified spousal trust, property that is held at any time in a qualified spousal trust, without regard to how the property was titled before the property was held:  (A) Has the same immunity from the claim of a separate creditor of either settlor as if the property were held outside the qualified spousal trust by both settlors as tenants by the entirety; and  (B) Shall be treated as tenants by entirety property for the purpose of immunity from federal and state bankruptcy laws.    (2) Property that is held in a qualified spousal trust is not immune from the claim of a creditor if the marriage of the settlors dissolves.
AR Code § 28-72-603 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 6 - Qualified Spousal Trust|§ 28-72-603. Death of settlors

 (a) After the death of both settlors, all property held by the trustee of the qualified spousal trust shall be distributed as directed by the then-current terms of the governing instrument of the qualified spousal trust.  (b) After the death of the first settlor, if immediately before his or her death the predeceased settlor's interest in the qualified spousal trust was held in a separate share, the property held in the predeceased settlor's separate share may pass into an irrevocable trust for the benefit of the surviving settlor as provided by the terms of the governing instrument, including without limitation a spendthrift provision.
AR Code § 28-72-604 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 6 - Qualified Spousal Trust|§ 28-72-604. Dissolution of marriage

 For purposes of the dissolution of the marriage of the settlors, the respective property rights of settlors who are married to each other shall not be affected or changed by the transfer of the property to, or the subsequent administration of the property as an asset of, a qualified spousal trust during the marriage of the settlors unless both of the settlors expressly agree otherwise in writing.
AR Code § 28-72-605 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 6 - Qualified Spousal Trust|§ 28-72-605. Applicability of other laws

 (a) The provisions of this subchapter are subject to the Uniform Voidable Transactions Act, § 4-59-201 et seq.  (b) This subchapter applies to a trust that meets the description and requirements of a qualified spousal trust under this subchapter regardless of whether the trust was created before or after July 24, 2019.
AR Code § 28-73-101 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-101. Short title

 This chapter may be cited as the Arkansas Trust Code.
AR Code § 28-73-102 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-102. Scope

 (a) This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.  (b) Notwithstanding subsection (a), this chapter does not apply to public trusts that are governed by § 28-72-201 et seq.
AR Code § 28-73-104 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-104. Knowledge

 (a) Subject to subsection (b), a person has knowledge of a fact if the person:  (1) has actual knowledge of it;  (2) has received a notice or notification of it; or  (3) from all the facts and circumstances known to the person at the time in question, has reason to know it.    (b) An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust or would have been brought to the employee's attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information.
AR Code § 28-73-105 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-105. Default and mandatory rules

 (a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.  (b) The terms of a trust prevail over any provision of this chapter except:  (1) the requirements for creating a trust;  (2) subject to §§ 28-76-109, 28-76-111, and 28-76-112 of the Uniform Directed Trust Act, § 28-76-101 et seq., the duty of a trustee to act in good faith and in accordance with the purposes of the trust;  (3) the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;  (4) the power of a court to modify or terminate a trust under §§ 28-73-410 — 28-73-416;  (5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in § 28-73-501 et seq.;  (6) the power of a court under § 28-73-702 to require, dispense with, or modify or terminate a bond;  (7) the power of a court under § 28-73-708(b) to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high;  (8) the rights under §§ 28-73-1010 — 28-73-1013 of a person other than a trustee or beneficiary;  (9) periods of limitation for commencing a judicial proceeding;  (10) the power of a court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and  (11) the subject-matter jurisdiction of a court for commencing a proceeding as provided in § 28-73-203.
AR Code § 28-73-106 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-106. Common law of trusts — Principles of equity

 The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.
AR Code § 28-73-107 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-107. Governing law

 The meaning and effect of the terms of a trust are determined by:   (1) the law of the jurisdiction designated in the terms unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or  (2) in the absence of a controlling designation in the terms of the trust, the law of the jurisdiction having the most significant relationship to the matter at issue.
AR Code § 28-73-108 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 1 - General Provisions and Definitions|§ 28-73-108. Principal place of administration

 (a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:  (1) a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; or  (2) all or part of the administration occurs in the designated jurisdiction.    (b) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.  (c) Without precluding the right of a court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b), may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States.  (d) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than sixty (60) days before initiating the transfer. The notice of proposed transfer must include:  (1) the name of the jurisdiction to which the principal place of administration is to be transferred;  (2) the address and telephone number at the new location at which the trustee can be contacted;  (3) an explanation of the reasons for the proposed transfer;  (4) the date on which the proposed transfer is anticipated to occur; and  (5) the date, not less than sixty (60) days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.    (e) The authority of a trustee under this section to transfer a trust's principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.  (f) In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to § 28-73-704.  (g) Subsections (d) and (e) apply only to irrevocable trusts created on or after September 1, 2005, and to revocable trusts which become irrevocable on or after September 1, 2005.