reglab/housing_qa huggingface dataset:
AR Code § 28-68-405 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 68 - Uniform Power of Attorney Act|Subchapter 4 - Miscellaneous Provisions|§ 28-68-405. Effective date

 This chapter takes effect January 1, 2012.
AR Code § 28-69-101 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 1 - General Provisions|§ 28-69-101. Trust funds — Deposit for safekeeping

 It shall be lawful for any party of whom a bond, undertaking, or other obligation is required to agree with his or her surety for the deposit of any or all moneys and assets for which he or she and his or her surety are or may be held responsible with a bank, savings bank, safe-deposit or trust company authorized by law to do business as such, or with any other depository approved by the court or a judge thereof, if the deposit is otherwise proper, for the safekeeping of the assets in such manner as to prevent the withdrawal of the money or assets or any part of them, without the written consent of the surety, or an order of court or a judge made on such notice to the surety as the court or judge may direct. However, the agreement shall not in any manner release from or change the liability of the principal or sureties as established by the terms of the bond.
AR Code § 28-69-102 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 1 - General Provisions|§ 28-69-102. Definitions

 (a) As used in this section:  (1) “Trust” means a trust, or similar legal device, established other than by will by an individual or an individual's spouse under which the individual may be a beneficiary of all or part of the payments from the trust, and the distribution of such payments is determined by one (1) or more trustees or other fiduciaries who are permitted to exercise any discretion with respect to the distribution to the individual, and shall include trusts, conservatorships, and estates created pursuant to the administration of a guardianship;  (2) “Grantor” means the individual, institution, or entity that established, created, or funded the trust and shall also include fiduciaries as defined by § 28-69-201 and third parties as contemplated by § 20-77-301 et seq.    (b) A provision in a trust, other than a testamentary trust, which limits the availability of, or provides directly or indirectly for the suspension, termination, or diversion of the principal, income, or beneficial interest of either the grantor or the grantor's spouse in the event that the grantor or grantor's spouse should apply for medical assistance or require medical, hospital, or nursing care or long-term custodial, nursing, or medical care shall be void as against the public policy of the State of Arkansas without regard to the irrevocability of the trust or the purpose for which the trust was created and without regard to whether the trust was created pursuant to court order.  (c) Subsection (b) of this section is remedial in nature and is enacted to prevent individuals otherwise ineligible for medical assistance benefits from making themselves eligible by creating trusts in order to preserve their assets.
AR Code § 28-69-201 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-201. Definition

 For the purposes of this subchapter, unless the context otherwise requires, “fiduciary” includes a trustee under any express trust, executor, administrator, guardian, curator, or agent. For the purposes of § 28-69-204 “fiduciary” also includes a trustee under an implied, resulting, or constructive trust, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a public or private corporation, public officer, nominee, or any other person acting in a fiduciary capacity for any person, trust, or estate.
AR Code § 28-69-202 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-202. Common trust funds

 (a)  (1) Any trust department of a state bank, national bank, or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary or to itself and others as co-fiduciaries. The bank or trust company, as fiduciary or co-fiduciary, may invest funds which it lawfully holds for investment in interests in such common trust funds if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciary or co-fiduciaries to the investment.  (2) For purposes of this subchapter, the term “trust department” or “trust company” shall include two (2) or more trust departments or trust companies which are members of the same “affiliated group” as defined in § 1504 of the Internal Revenue Code, as amended, with respect to any fund established pursuant to this subsection of which any of the trust departments or trust companies is trustee or of which two (2) or more of the trust departments or trust companies are co-trustees.    (b) Unless ordered by a court of competent jurisdiction, the bank or trust company operating common trust funds is not required to render a court accounting with regard to such funds. However, the bank or trust company may, by application to the circuit court of the county in which it has its place of business, secure approval of such an accounting on such conditions as the court may establish.
AR Code § 28-69-203 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-203. Investments generally — Liability

 (a) Any state bank, national bank, or trust company authorized to do business in this state when acting as a fiduciary or as a co-fiduciary with others, with the consent of its co-fiduciary, if any, who are authorized to give such consent, may cause any investment held in any fiduciary capacity to be registered and held in the name of a nominee or nominees of the bank or trust company.  (b) The records of the bank or trust company shall at all times show the ownership of any such investment.  (c) The investments shall at all times be kept separate and apart from the assets of the bank or trust company.  (d)  (1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered.  (2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section.
AR Code § 28-69-204 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-204. Registration or transfer of investments — Liability of third parties

 If a fiduciary or the nominee of a fiduciary in whose name are registered, or are to be registered, any shares of stocks, bonds, or other securities of any public or private corporation, company, other association, or of any trust, applies for the registration or transfer of the shares, then the corporation, company, other association, or any of the managers of the trust or its or their transfer agent, is not bound to inquire whether the fiduciary or nominee is committing a breach of his or her obligation as fiduciary or nominee in making the registration or transfer nor to see to the performance of the fiduciary obligation. The corporation, company, other association, or any of the managers of the trust, or its or their transfer agent, are liable for the registration or transfer only where the registration or transfer is made with actual knowledge that the fiduciary or nominee is committing a breach of trust in requesting the registration or transfer or with knowledge of the facts that its or their participation in the registration or transfer amounts to bad faith.
AR Code § 28-69-205 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-205. Investment in obligations of certain banks authorized

 Notwithstanding any other provision of law, any funds, including capital, belonging to or under the control of any bank, trust company, savings bank, or savings institution and any funds belonging to or under the control of any administrators, executors, trustees, fiduciaries, guardians, or curators of the estates of minors or insane persons may be invested in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, by the Inter-American Development Bank, by the Asian Development Bank, or by the African Development Bank.
AR Code § 28-69-206 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-206. Deposit of funds — Collateral for uninsured deposit

 An Arkansas-chartered bank or savings and loan association that holds as trustee funds awaiting investment or distribution, if not prohibited by the instrument or judgment creating the trust, may deposit the funds in the commercial department of the bank or savings and loan association. However, if the amount of the deposit exceeds the Federal Deposit Insurance Corporation insurance coverage, the bank or savings and loan association shall pledge, as security for the payment of the deposit, bonds constituting general obligations of the United States or the State of Arkansas of a market value not less than the uninsured portion of the deposit.
AR Code § 28-69-207 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 2 - Banks and Trust Companies|§ 28-69-207. Services provided by affiliates

 Any state bank, national bank, or trust company qualified to act as a fiduciary in this state, is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the financial institution or trust company acts as a trustee or other fiduciary, provided the financial institution believes, in the exercise of the standard of care described in § 28-71-105, that the services are reasonably necessary and that its affiliate can render such services, including, but not limited to, securities brokerage services, computer services, and banking services, to the trust or estate as competently as similar services rendered by nonaffiliates and for compensation equal to or less than that charged by nonaffiliates. Provided the foregoing requirements are met, an affiliate may be utilized by the financial institution or trust company without the approval or consent of any person or specific authorization in the trust instrument, unless such a power is expressly withheld in the trust instrument.
AR Code § 28-69-301 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 3 - Incorporation of Powers by Reference|§ 28-69-301. Definitions

 As used in this subchapter:   (1) “Environmental law” means any federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment or human health;  (2) “Estate” means the estate of the decedent if by reference thereto a provision has been made applicable to the executor or executors of a will and means the trust estate if by reference thereto a provision has been made applicable to the trustee or trustees of such an estate;  (3) “Fiduciary”, and the masculine singular form of the pronoun referring to the fiduciary, means the one (1) or more executors, whether male, female, or corporate, of the estate of a decedent, or the one (1) or more trustees, whether male, female, or corporate, of a testamentary or inter vivos trust estate, whichever in a particular case shall be appropriate; and  (4) “Hazardous substance” means any substance defined as hazardous or toxic or otherwise regulated by any environmental law.
AR Code § 28-69-302 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 3 - Incorporation of Powers by Reference|§ 28-69-302. Power of court over fiduciary unaffected

 Nothing contained in this subchapter shall be construed to limit the power of a court of competent jurisdiction to prohibit a fiduciary from taking any action or to restrain a fiduciary in the taking of such an action, notwithstanding the authorizations or powers vested in the fiduciary by any written instrument wherein all or any part of § 28-69-304 is incorporated by reference.
AR Code § 28-69-303 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 3 - Incorporation of Powers by Reference|§ 28-69-303. Incorporation by reference authorized — Effect

 (a) By a clearly expressed intention of the testator or settlor so to do contained in a will or in an instrument in writing whereby a trust estate is created inter vivos, the language contained in the introductory paragraph of § 28-69-304 and in any one (1) or more of the subdivisions of that section may be incorporated, with appropriate reference made to § 28-69-304, in the will or other written instrument, to be applicable either to the fiduciary authorized to administer the estate of the testator or to the fiduciary authorized to administer a trust estate established or to be established pursuant to the terms of the will or other written instrument, or applicable to both types of fiduciaries, with the same effect and subject to the same judicial interpretation and control in appropriate cases as though the language were set forth verbatim in the instrument.  (b) However, the language contained in § 28-69-304(1)-(4) is appropriate only with respect to powers to be vested in the one (1) or more executors of the estate of a decedent and is available only for incorporation by reference in a will as powers of the executor or executors of the will.
AR Code § 28-69-305 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 3 - Incorporation of Powers by Reference|§ 28-69-305. Compliance with environmental law

 (a) The fiduciary shall be entitled to charge the cost of any inspection, review, abatement, response, cleanup, or remedial action authorized herein in compliance with environmental law against the income or principal of the trust or estate.  (b) A fiduciary shall not be personally liable to any beneficiary or other party for any decrease in value of assets in trust or in an estate by reason of the fiduciary's compliance with any environmental law, specifically including any reporting requirement under such a law.  (c) Neither the acceptance by the fiduciary of property nor a failure by the fiduciary to inspect property shall be deemed to create any inference as to whether or not there is or may be any liability under any environmental law with respect to that property.
AR Code § 28-69-401 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 4 - Revocation, Modification, or Termination of Trust|§ 28-69-401. Consent

 (a) By written consent of the settlor and all named beneficiaries of a trust or any part thereof, regardless of any spendthrift or similar protective provisions, the trust or part thereof may be revoked, modified, or terminated upon a finding by the court having jurisdiction over the trust, or otherwise being of competent jurisdiction, that the trust's purposes, as expressed in or implied by the circumstances surrounding the trust, as a result of circumstances not foreseen to the settlor are not effectively being fulfilled or are frustrated.  (b)  (1) For purposes of this section, consent to the revocation, modification, or termination may be given by the court on behalf of unnamed, legally incapacitated, unascertained, or unborn beneficiaries after a hearing in which the interests of such beneficiaries are represented by a guardian ad litem.  (2) A guardian ad litem for any such beneficiaries may rely on general family benefit accruing to the living named beneficiaries and their families as a basis for approving, or not objecting to, any such revocation, modification, or termination and, in so doing, shall be immune from liability to future claims of any unnamed, legally incapacitated, unascertained, or unborn beneficiaries.  (3) In circumstances in which objection is made by a guardian ad litem for beneficiaries who are not, by name or category, mentioned in a trust that is sought to be terminated, modified, or revoked, upon a finding that there is general family benefit to the living named beneficiaries and their families, the court shall allow the termination, modification, or revocation sought.    (c)  (1) For purposes of this section, consent may be given on behalf of the estate of a deceased settlor by the court on a finding that there is general family benefit to the living named beneficiaries and their families.  (2) A personal representative of a settlor's estate may rely on general family benefit accruing to the living named beneficiaries and their families as a basis for approving, or not objecting to, any such revocation, modification, or termination and, in so doing, shall be immune from liability to future claims of any unnamed, legally incapacitated, unascertained, or unborn beneficiaries.
AR Code § 28-69-402 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 4 - Revocation, Modification, or Termination of Trust|§ 28-69-402. Liability of trustee

 A trustee of a trust that is sought to be terminated, modified, or revoked, in whole or in part, pursuant to the terms of this subchapter, may rely on general family benefit accruing to the living named beneficiaries and their families as a basis for approving, or not objecting to, any such revocation, modification, or termination and, in so doing, shall be immune from liability to future claims of any unnamed, legally incapacitated, unascertained, or unborn beneficiaries.
AR Code § 28-69-403 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 4 - Revocation, Modification, or Termination of Trust|§ 28-69-403. Revocation, etc., by other means not precluded

 Nothing in this subchapter shall prevent revocation, modification, or termination of a trust pursuant to its terms, or otherwise in accordance with applicable law.
AR Code § 28-69-501 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 5 - Retirement Plan — Spendthrift Trust|§ 28-69-501. Spendthrift trust

 Any retirement plan which meets the requirements of section 401 or section 403 of the Internal Revenue Code of 1986, as amended, which contains a prohibition against alienation and a prohibition against attachment shall be conclusively presumed for the purposes of Arkansas law to be a spendthrift trust.
AR Code § 28-69-701 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 7 - Trustee Division of Trusts Act|§ 28-69-701. Short title

 This subchapter may be cited as the “Trustee Division of Trusts Act”.
AR Code § 28-69-702 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 7 - Trustee Division of Trusts Act|§ 28-69-702. Definitions

 As used in this subchapter:   (1) “Trust” means any express trust, with additions thereto, wherever and however created, or any separate share of a trust and includes any arrangement other than an estate which, although not a trust, has substantially the same effect as a trust; and  (2) “Trustee” means an original, additional, or successor trustee of an inter vivos or testamentary trust, whether or not appointed or confirmed by a court, and, in the case of an arrangement which is not an estate or a trust but which has substantially the same effect as a trust, the person in actual or constructive possession of the property subject to the arrangement.
AR Code § 28-69-703 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 7 - Trustee Division of Trusts Act|§ 28-69-703. Authority to divide trusts

 Unless expressly prohibited by the terms of the governing instrument, when property is held or to be held in a trust, the trustee is authorized, but not required, to divide the trust into two (2) or more separate trusts of equal or unequal value if the trustee determines that division of the trust is in the best interests of the beneficiaries or could result in a significant decrease in current or future federal income, gift, estate, or generation-skipping transfer taxes, or any other tax.
AR Code § 28-69-704 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 7 - Trustee Division of Trusts Act|§ 28-69-704. Exercise of authority by trustee

 (a) A trustee may exercise the authority granted in this subchapter without procuring any judicial authorization or approval.  (b) A trustee may exercise the authority granted in this subchapter to divide both funded and unfunded trusts, provided, however, that:  (1) An unfunded testamentary trust may be divided only after the will establishing the trust has been admitted to probate; and  (2) An unfunded nontestamentary trust may be divided only if the governing instrument establishing the trust is not revocable.
AR Code § 28-69-705 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 7 - Trustee Division of Trusts Act|§ 28-69-705. Effect of exercise of authority

 If a trustee divides a trust into separate trusts under this subchapter, the terms of the separate trusts need not be identical but must provide for the same succession of interests and beneficiaries as are provided in the original trust. Differing tax elections may be made for each of the separate trusts.
AR Code § 28-69-706 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 69 - Fiduciaries Generally|Subchapter 7 - Trustee Division of Trusts Act|§ 28-69-706. Applicability

 This subchapter applies to all trustees regardless of whether the trust was created before, on, or after the date of enactment.