reglab/housing_qa huggingface dataset:
AR Code § 23-47-704 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-704. Segregation of fiduciary and general assets — Separate books and records

 State banks exercising any or all of the powers enumerated in this subchapter shall segregate all assets held in its trust department from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subchapter.
AR Code § 23-47-705 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-705. Prohibited operations — Separate investment account — Collateral for certain funds used in conduct of business — Lien and claim upon state bank failure

 (a)  (1) No state bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes.  (2) Funds deposited or held in trust by the state bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall secure the funds deposited or held in trust with investments in which a state bank may invest without limitation pursuant to § 23-47-401.  (3) No security shall be required to the extent the funds so deposited or held in trust are insured under the provisions of the Federal Deposit Insurance Act.    (b) In the event of the failure of the state bank, the owners of the funds held in trust for investment shall have a first priority lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
AR Code § 23-47-706 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-706. Official's oath or affidavit

 If Arkansas law requires that a corporation acting as trustee, executor, administrator, or in any capacity specified in this subchapter shall take an oath or make an affidavit, the president or chief executive officer, a vice president, or a trust officer of a state bank may take the necessary oath or execute the necessary affidavit.
AR Code § 23-47-707 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-707. Loans of trust funds to officers and employees prohibited — Penalties

 (a) It shall be unlawful for any state bank to lend to any officer, director, or employee any funds held in trust under the powers conferred by this subchapter, or to sell assets held in trust to any such persons, without the prior written approval of the Bank Commissioner.  (b) In the absence of the prior written approval of the commissioner, any officer, director, or employee making the loan or sale, or to whom the loan or sale is made is guilty of a Class D felony.
AR Code § 23-47-708 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-708. Surrender of authorization — Board resolution — Commissioner certification — Activities affected

 (a)  (1) Any state bank desiring to surrender its right to operate a trust department and to exercise the powers granted under this subchapter, in order to relieve itself of the necessity of complying with the requirements of this subchapter, or to have returned to it any securities which it may have deposited with the state and local authorities for the protection of private or court trusts, or for any other purpose, may file with the Bank Commissioner a certified copy of a resolution of its board of directors signifying the desire.  (2) Upon receipt of the resolution, the commissioner, after satisfying himself or herself that the bank has been relieved in accordance with Arkansas law of all duties as trustee, executor, administrator, custodian, registrar, paying agent or transfer agent of stocks or bonds, guardian of estates, assignee, receiver, or other fiduciary, under court, private, or other appointments previously accepted under authority of this subchapter may, in his or her discretion, issue to the bank a certificate certifying that the bank is no longer authorized to operate a trust department and exercise the powers granted by this subchapter.    (b) Upon the issuance of a certificate by the commissioner certifying that a state bank is no longer authorized to operate a trust department, the bank:  (1) Shall no longer operate a trust department or be subject to the provisions of this subchapter or State Bank Department rules made pursuant thereto;  (2) Shall be entitled to have returned to it any securities which it may have deposited with state or local authorities for the protection of private or court trusts; and  (3) Shall not operate a trust department or exercise thereafter any of the powers granted by this subchapter without first applying for and obtaining a new permit to operate a trust department to exercise such powers pursuant to the provisions of this subchapter.
AR Code § 23-47-709 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-709. Revocation — Procedures available

 (a)  (1) In addition to the authority conferred by any other law, if, in the opinion of the Bank Commissioner, a state bank is unlawfully or unsoundly operating a trust department or exercising, or has unlawfully or unsoundly operated or exercised, or has failed for a period of five (5) consecutive years to operate a trust department or exercise the powers granted by this subchapter, or otherwise fails or has failed to comply with the requirements of this subchapter, the commissioner may issue and serve upon the bank a notice of intent to revoke the authority of the bank to operate its trust department and exercise the powers granted by this subchapter.  (2) The notice shall contain a statement of the facts constituting the alleged unlawful or unsound operation or exercise of powers, or failure to operate or exercise powers, or failure to comply, and shall fix a time and place at which a hearing will be held to determine whether an order revoking the authority to exercise the powers should issue against the bank.    (b) The hearing shall be conducted in accordance with the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq., and shall be fixed for a date not earlier than thirty (30) days nor later than sixty (60) days after service of the notice unless an earlier or later date is set by the commissioner at the request of any state bank so served.  (c)  (1) Unless the state bank so served shall appear at the hearing by an authorized representative, it shall be deemed to have consented to the issuance of the revocation order.  (2) In the event of consent, or if upon the record made at the hearing, the commissioner shall find that any allegation specified in the notice of charges has been established, the commissioner may issue and serve upon the state bank an order prohibiting it from accepting any new or additional trust accounts and revoking authority to operate its trust department and exercise any and all powers granted by this subchapter, except that the order shall permit the bank to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination.    (d) A revocation order shall become effective not earlier than the expiration of thirty (30) days after service of the order upon the state bank so served, except in the case of a revocation order issued upon consent, which shall become effective at the time specified therein, and shall remain effective and enforceable, except to the extent that it is stayed, modified, terminated, or set aside by action of the commissioner or a reviewing court.
AR Code § 23-47-710 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 7 - Trust Powers|§ 23-47-710. Services provided by affiliates

 (a) Any bank, subsidiary trust company, or national 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 bank, subsidiary trust company, or national trust company acts as a trustee or other fiduciary, provided the bank, subsidiary trust company, or national trust company 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 the 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.  (b) Provided the foregoing requirements are met, an affiliate may be utilized by the bank, subsidiary trust company, or national trust company without the approval or consent of any person or specific authorization in the trust instrument, unless the power is expressly withheld in the trust instrument.
AR Code § 23-47-801 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 8 - Subsidiary Trust Companies|§ 23-47-801. Definitions

 For purposes of this subchapter, “affiliated bank” means a bank, having authority to conduct trust business and business incidental to trust business within this state, more than fifty percent (50%) of the voting stock of which is owned directly or indirectly by:   (1) The same bank holding company that owns, directly or indirectly, more than fifty percent (50%) of the voting stock of a subsidiary trust company or national trust company; or  (2) The same five (5) or fewer persons who are individuals, estates, or trusts that own directly or indirectly more than fifty percent (50%) of the voting stock of the bank holding company described in subdivision (1) of this section, taking into account the stock ownership of each such person only to the extent the ownership is identical with respect to each of the bank and the bank holding company.
AR Code § 23-47-802 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 8 - Subsidiary Trust Companies|§ 23-47-802. Subsidiary trust companies — Creation, formation, etc. — Powers — Location

 (a) Notwithstanding the provisions of § 23-48-405, bank holding companies that own, directly or indirectly, an affiliated bank are authorized and empowered by the provisions of this subchapter to apply to the Bank Commissioner for authority to:  (1) Create, form, and establish subsidiary trust companies under this subchapter for the purpose of combining the trust operations of their affiliated banks into a single trust operation; and  (2) Create, form, and establish national trust companies under the laws of the United States.    (b) In determining whether to grant an application for permission to establish a subsidiary trust company, the commissioner shall take into consideration the sufficiency of the capital base of the applying bank holding company, the needs of the communities to be served, and any other facts and circumstances that seem to him or her proper, and may grant or refuse the application accordingly.  (c) The subsidiary trust company shall be formed as a business corporation under the Arkansas Business Corporation Act, § 4-27-101 et seq. The newly formed subsidiary trust company shall only have the ability to conduct trust business that could be conducted by the individual trust departments combined from the affiliated banks to create the subsidiary trust company.  (d) Offices of a subsidiary trust company may be located only in:  (1) Communities where its affiliated banks are located or in communities where their branches are or could be located; or  (2) Communities where it would be authorized to have an office if it were a national trust company.    (e) A subsidiary trust company shall be fully subject to the provisions of § 23-50-101 et seq.
AR Code § 23-47-804 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 8 - Subsidiary Trust Companies|§ 23-47-804. Removal of accounts from operation of substitution agreement — Denial of substitution

 (a) A fiduciary account may be removed from the operation of the agreement by an amendment to the agreement filed with the Bank Commissioner before the effective date stated in the agreement.  (b) The substitution of a subsidiary trust company or national trust company as fiduciary of an account may be denied if the court having jurisdiction, on notice and hearing, determines that the substitution of fiduciary is a material detriment to the account or to the beneficiaries of the account.  (c) Subsection (b) of this section is cumulative to any applicable provision for removal of a fiduciary or appointment of a successor fiduciary under Arkansas law or in the instrument creating the fiduciary relationship.  (d) In any proceeding under this section, the court may award costs and reasonable and necessary attorney's fees as the court considers equitable and just.
AR Code § 23-47-805 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 8 - Subsidiary Trust Companies|§ 23-47-805. Deposits

 (a) A subsidiary trust company or national trust company may deposit with an affiliated bank fiduciary funds that are being held pending investment, distribution, or payment of debts.  (b) A subsidiary trust company or national trust company may deposit with an affiliated bank fiduciary funds as a permanent investment if authorized by the settlor in the instrument creating the trust or if authorized in a writing delivered to the trustee by a beneficiary currently eligible to receive distributions from a trust.
AR Code § 23-47-806 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 8 - Subsidiary Trust Companies|§ 23-47-806. Responsibility for acts and omissions

 (a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national trust company.  (b) If an affiliated bank has given bond to secure performance of its duties and the subsidiary trust company or national trust company qualifies as successor fiduciary, the subsidiary trust company or national trust company shall give bond to secure performance of its duties in the same manner.
AR Code § 23-47-807 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 8 - Subsidiary Trust Companies|§ 23-47-807. Qualification as successor fiduciary

 For the purposes of qualification as successor fiduciary under any requirements contained in any document creating a fiduciary account or any statute of this state relating to fiduciary accounts, the subsidiary trust company or national trust company:   (1) Is considered to have capital and surplus equal to its capital and surplus plus the capital and surplus of its owning bank holding company; and  (2) Shall be treated as a national bank, unless:  (A) It is not a national bank under federal law relating to national banks; and  (B) It has not entered into a substitution agreement with an affiliated bank that is a national bank under federal law relating to national banks.
AR Code § 23-47-901 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 9 - Safe-deposit Facilities|§ 23-47-901. Safe deposit facilities — Liability of lessor

 (a) A bank may lease safe-deposit boxes for the keeping of property on terms as may be agreed to by the parties.  (b) No bank shall be liable for any loss of the property in a safe-deposit box by theft, robbery, fire, or other cause.
AR Code § 23-47-902 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 9 - Safe-deposit Facilities|§ 23-47-902. Multiple-party leases

 (a) If a safe-deposit box is held in the name of two (2) or more persons, any one (1) of such persons shall be entitled to access the safe-deposit box and shall be permitted to remove the contents thereof, and the bank shall not be responsible for any damage arising by reason of such access or removal by one (1) of the persons.  (b) The death of one (1) holder of a safe-deposit box held in the name of two (2) or more persons does not affect the right of any other holder of the safe-deposit box to have access to and to remove contents from the safe-deposit box.
AR Code § 23-47-903 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 9 - Safe-deposit Facilities|§ 23-47-903. Lease to a minor

 A bank may lease a safe-deposit box to a minor and in connection therewith, deal with him or her to the same effect as if leasing to and dealing with a person of full legal capacity.
AR Code § 23-47-904 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 9 - Safe-deposit Facilities|§ 23-47-904. Limiting right of access for failure to comply with security procedures

 If any lessee is unwilling or unable to comply with any of the bank's normal requirements or procedures in connection with access to a safe-deposit box relating to security, safety, or protection, the bank has the right to limit or deny access to the safe-deposit box by that lessee unless all lessees of the safe-deposit box take such action as is necessary to ensure reasonable compliance with the security, safety, or protection requirements or procedures.
AR Code § 23-47-905 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 9 - Safe-deposit Facilities|§ 23-47-905. Adverse claims to contents of safe-deposit box

 Notice to a bank of an adverse claim to the contents of a safe-deposit box shall not be sufficient to require the bank to deny access to its lessee unless the adverse claimant also procures a restraining order, injunction, or other process, which has become final and not further appealable, issued in an action by a court of competent jurisdiction in which the lessee is served with process and named as a party.
AR Code § 23-47-906 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 47 - Bank Powers — Subsidiaries|Subchapter 9 - Safe-deposit Facilities|§ 23-47-906. Remedies and procedures for nonpayment of rent

 (a) If the safe-deposit box rental is delinquent for six (6) months, the bank, after at least thirty (30) days' notice by certified mail, return receipt requested, addressed to the lessee at the lessee's last known address on the books of the bank, may, if the rent is not paid within the time specified in the notice, open the safe-deposit box in the presence of a notary public and two (2) employees, at least one (1) of whom is an officer of the bank.  (b) The bank shall inventory the contents of the safe-deposit box in detail and place the contents of the safe-deposit box in a sealed envelope or container bearing the name of the lessee.  (c)  (1) The bank shall hold the contents of the safe-deposit box subject to a lien for its rental, the cost of opening the safe-deposit box, and the damages in connection therewith.  (2) If the rental, cost, damages, and any other lawful charges for the use of the safe-deposit box or the holding of the contents of the safe-deposit box are not paid within two (2) years from the date of opening of the safe-deposit box, the bank may sell at that time or at any time before the period of time established by § 18-28-203 from the date the safe-deposit box lease expired, any of the contents of the safe-deposit box at public auction in the manner and upon the notice as is prescribed for the sale of real property under mortgage or deed of trust.  (3) Any unauctioned contents of safe-deposit boxes and any excess proceeds from the sale shall be remitted to the Auditor of State under the procedures prescribed by § 18-28-201 et seq.
AR Code § 23-48-101 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 1 - General Provisions|§ 23-48-101. Banks subject to gross receipts and compensating use taxes

 All banks shall be subject to the Arkansas Gross Receipts Act, § 26-52-101 et seq., and the Arkansas Compensating Tax Act, § 26-53-101 et seq.
AR Code § 23-48-102 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 48 - Organization and Operation|Subchapter 1 - General Provisions|§ 23-48-102. Trust companies no longer subject to banking laws

 (a) All trust companies, other than national trust companies and subsidiary trust companies, in existence on May 30, 1997, must cease operations as a trust company.  (b) Trust companies, other than subsidiary trust companies and national trust companies, which have not become banks by May 31, 1997, by complying with the provisions of law for the formation of a bank, shall no longer act as or be authorized to act as a fiduciary, nor shall they be subject to laws governing banks or trust companies, or exercise or be authorized to exercise any powers granted banks or trust companies by those laws, but instead will automatically become business corporations and be subject to the Arkansas Business Corporation Act, § 4-27-101 et seq., and the Bank Commissioner shall deliver certified copies of the articles of incorporation, all amendments thereto, and all other corporate filings of those trust companies to the Secretary of State for inclusion in his or her official records of filings of business corporations.