reglab/housing_qa huggingface dataset:
AR Code § 28-73-706 (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|§ 28-73-706. Removal of trustee

 (a) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.  (b) A court may remove a trustee if:  (1) the trustee has committed a serious breach of trust;  (2) lack of cooperation among cotrustees substantially impairs the administration of the trust;  (3) because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or  (4) there has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.    (c) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under § 28-73-1001(b) as may be necessary to protect the trust property or the interests of the beneficiaries.
AR Code § 28-73-707 (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|§ 28-73-707. Delivery of property by former trustee

 (a) Unless a cotrustee remains in office or a court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.  (b) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
AR Code § 28-73-708 (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|§ 28-73-708. Compensation of trustee

 (a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.  (b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:  (1) the duties of the trustee are substantially different from those contemplated when the trust was created; or  (2) the compensation specified by the terms of the trust would be unreasonably low or high.
AR Code § 28-73-709 (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|§ 28-73-709. Reimbursement of expenses

 (a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:  (1) expenses that were properly incurred in the administration of the trust; and  (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.    (b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
AR Code § 28-73-801 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-801. Duty to administer trust

 Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
AR Code § 28-73-803 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-803. Impartiality

 If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
AR Code § 28-73-804 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-804. Prudent administration

 A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
AR Code § 28-73-805 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-805. Costs of administration

 In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
AR Code § 28-73-806 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-806. Trustee's skills

 A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
AR Code § 28-73-807 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-807. Delegation by trustee

 (a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:  (1) selecting an agent;  (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and  (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.    (b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.  (c) A trustee who complies with subsection (a) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.  (d) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of a court of this state.
AR Code § 28-73-808 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-808. Powers to direct. [Repealed effective January 1, 2020.]

 Publisher's Notes. This section is repealed by Acts 2019, No. 1021, § 4, effective January 1, 2020. For current law, see § 28-76-101 et seq.   For text of section effective until January 1, 2020, see the bound volume.    Effective Dates.  Acts 2019, No. 1021, § 6: Jan. 1, 2020.
AR Code § 28-73-809 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-809. Control and protection of trust property

 A trustee shall take reasonable steps to take control of and protect the trust property.
AR Code § 28-73-810 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-810. Recordkeeping and identification of trust property

 (a) A trustee shall keep adequate records of the administration of the trust.  (b) A trustee shall keep trust property separate from the trustee's own property.  (c) Except as otherwise provided in subsection (d), a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.  (d) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two (2) or more separate trusts.
AR Code § 28-73-811 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-811. Enforcement and defense of claims

 A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
AR Code § 28-73-812 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-812. Collecting trust property

 A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.
AR Code § 28-73-813 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-813. Duty to inform and report

 (a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust.  (b) A trustee:  (1) upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;  (2) within sixty (60) days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number; and  (3) within sixty (60) days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries:  (A) of the trust's existence;  (B) of the identity of the settlor or settlors;  (C) of the right to request a copy of the trust instrument;  (D) of the right to a trustee's report as provided in subsection (c); and  (E) in advance of any change in the method or rate of the trustee's compensation.      (c)  (1) A trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified or nonqualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values.  (2) Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report must be sent to the qualified beneficiaries by the former trustee.  (3) A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.    (d) A beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.  (e) Subsections (a)-(c) apply only to an irrevocable trust created on or after September 1, 2005, and to a revocable trust which becomes irrevocable on or after September 1, 2005.
AR Code § 28-73-814 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-814. Discretionary powers — Tax savings

 (a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute”, “sole”, or “uncontrolled”, the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.  (b) Subject to subsection (d), and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:  (1) a person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and  (2) a trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.    (c) A power whose exercise is limited or prohibited by subsection (b) may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, a court may appoint a special fiduciary with authority to exercise the power.  (d) Subsection (b) does not apply to:  (1) a power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in Section 2056(b)(5) or Section 2523(e) of the Internal Revenue Code of 1986, as in effect on January 1, 2005, was previously allowed;  (2) any trust during any period that the trust may be revoked or amended by its settlor; or  (3) a trust if contributions to the trust qualify for the annual exclusion under Section 2503(c) of the Internal Revenue Code of 1986, as in effect on January 1, 2005.
AR Code § 28-73-815 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-815. General powers of trustee

 (a) A trustee, without authorization by a court, may exercise:  (1) powers conferred by the terms of the trust; and  (2) except as limited by the terms of the trust:  (A) all powers over the trust property which an unmarried competent owner has over individually owned property;  (B) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and  (C) any other powers conferred by this chapter.      (b) The exercise of a power is subject to the fiduciary duties prescribed by this subchapter.
AR Code § 28-73-817 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 8 - Duties and Powers of Trustee|§ 28-73-817. Distribution upon termination

 (a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty (30) days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.  (b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.  (c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:  (1) it was induced by improper conduct of the trustee; or  (2) the beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.
AR Code § 28-73-901 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-901. Prudent investor rule

 (a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this subchapter.  (b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
AR Code § 28-73-902 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-902. Standard of care — Portfolio strategy — Risk and return objectives

 (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.  (b) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.  (c) Among circumstances that a trustee shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries:  (1) general economic conditions;  (2) the possible effect of inflation or deflation;  (3) the expected tax consequences of investment decisions or strategies;  (4) the role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;  (5) the expected total return from income and the appreciation of capital;  (6) other resources of the beneficiaries;  (7) needs for liquidity, regularity of income, and preservation or appreciation of capital; and  (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.    (d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.  (e) A trustee may invest in any kind of property or type of investment consistent with the standards of this subchapter.
AR Code § 28-73-903 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-903. Diversification

 A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
AR Code § 28-73-904 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-904. Duties at inception of trusteeship

 Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this subchapter.
AR Code § 28-73-905 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-905. Reviewing compliance

 Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
AR Code § 28-73-906 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-906. Language invoking standard of subchapter

 The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter: “investments permissible by law for investment of trust funds”, “legal investments”, “authorized investments”, “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital”, “prudent man rule”, “prudent trustee rule”, “prudent person rule”, and “prudent investor rule”.
AR Code § 28-73-907 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-907. Application to existing trusts

 This subchapter applies to trusts existing on and created after September 1, 2005.
AR Code § 28-73-908 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 9 - Uniform Prudent Investor Act|§ 28-73-908. 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 the states enacting it.
AR Code § 28-73-1001 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 73 - Arkansas Trust Code|Subchapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustees|§ 28-73-1001. Remedies for breach of trust

 (a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.  (b) To remedy a breach of trust that has occurred or may occur, the court may:  (1) compel the trustee to perform the trustee's duties;  (2) enjoin the trustee from committing a breach of trust;  (3) compel the trustee to redress a breach of trust by paying money, restoring property, or other means;  (4) order a trustee to account;  (5) appoint a special fiduciary to take possession of the trust property and administer the trust;  (6) suspend the trustee;  (7) remove the trustee as provided in § 28-73-706;  (8) reduce or deny compensation to the trustee;  (9) subject to § 28-73-1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or  (10) order any other appropriate relief.