reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 4 - ARKANSAS CUSTODIAL TRUST ACT (§§ 28-72-401 — 28-72-422) › Section 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.
Acts 1991, No. 273, § 20.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 4 - ARKANSAS CUSTODIAL TRUST ACT (§§ 28-72-401 — 28-72-422) › Section 28-72-421 - Title

This subchapter may be cited as the "Arkansas Custodial Trust Act."
Acts 1991, No. 273, § 21.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 4 - ARKANSAS CUSTODIAL TRUST ACT (§§ 28-72-401 — 28-72-422) › Section 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.
Acts 1991, No. 273, § 23.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 28-72-501 - Short title

This subchapter shall be known as the "Long-Term Intergenerational Security Act of 1995".
Acts 1995, No. 1303, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 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.
Acts 1995, No. 1303, § 2.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 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)
.
Acts 1995, No. 1303, § 3.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 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.
Acts 1995, No. 1303, §§ 5, 6.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 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.
Acts 1995, No. 1303, §§ 4, 7; 1997, No. 1345, § 2.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 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.
Acts 1995, No. 1303, § 9.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 5 - LONG-TERM INTERGENERATIONAL SECURITY ACT OF 1995 (§§ 28-72-501 — 28-72-507) › Section 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.
Acts 1995, No. 1303, § 8.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 6 - QUALIFIED SPOUSAL TRUST (§§ 28-72-601 — 28-72-605) › Section 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.
Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 6 - QUALIFIED SPOUSAL TRUST (§§ 28-72-601 — 28-72-605) › Section 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.
Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 6 - QUALIFIED SPOUSAL TRUST (§§ 28-72-601 — 28-72-605) › Section 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.
Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 6 - QUALIFIED SPOUSAL TRUST (§§ 28-72-601 — 28-72-605) › Section 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.
Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 6 - QUALIFIED SPOUSAL TRUST (§§ 28-72-601 — 28-72-605) › Section 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.
Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-701 - Definitions

As used in this subchapter:
(1)
"Adviser" means any person, including without limitation an accountant, attorney, or investment adviser, who gives advice concerning or was involved in the creation of, transfer of property to, or administration of a spendthrift trust or domestic asset protection trust, or who participated in the preparation of accountings, tax returns, or other reports related to a trust;
(2)
"Creditor" means a person with a claim;
(3)
"Document" means a will, trust, or instrument;
(4)
"Domestic asset protection trust" means a self-settled, first-party spendthrift trust;
(5)
"Remainder beneficiary" means a person entitled to receive principal when an income interest ends;
(6)
"Settlor" means:
(A)
The person who creates a spendthrift trust or domestic asset protection trust as described in the trust instrument; or
(B)
Any person who contributes assets to a spendthrift trust or domestic asset protection trust as to the assets that he or she contributed to the spendthrift trust or domestic asset protection trust except to the extent of consideration for the assets contributed by that person; and
(7)
"Spendthrift trust" means a trust that, by its terms, imposes a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-702 - Applicability - Third-party spendthrift trust and domestic asset protection trust - Requirements

(a)
Unless the document that creates the spendthrift trust or domestic asset protection trust expressly declares otherwise, this subchapter governs the construction, operation, and enforcement of all spendthrift trusts or domestic asset protection trusts in the State of Arkansas, regardless of whether the trust was created in or outside of the State of Arkansas, if:
(1)
All or part of the lands, rents, issues, or profits affected are in the State of Arkansas;
(2)
All or part of the personal property, interest of money, dividends upon stock, and other profits affected are in the State of Arkansas;
(3)
The declared domicile of the creator of a spendthrift trust or domestic asset protection trust affecting personal property is in the State of Arkansas; or
(4)
At least one (1) trustee qualified under subsection (b) of this section has powers that include maintaining records and preparing income tax returns for the trust and all or part of the administration of the trust is performed in the State of Arkansas.
(b)
If a settlor is a beneficiary of a trust of the settlor's own creation, at least one (1) trustee of the domestic asset protection trust must be:
(1)
A natural person who resides and has his or her domicile in the State of Arkansas;
(2)
A trust company that:
(A)
Is organized under:
(i)
Federal law;
(ii)
The laws of the State of Arkansas; or
(iii)
The laws of another state; and
(B)
Maintains an office in the State of Arkansas for the transaction of business; or
(3)
A bank that:
(A)
Is organized under:
(i)
Federal law;
(ii)
The laws of the State of Arkansas; or
(iii)
The laws of another state;
(B)
Maintains an office in the State of Arkansas for the transaction of business; and
(C)
Possesses and exercises trust powers.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-704 - Powers of settlor

(a)
The settlor of a spendthrift trust or domestic asset protection trust has only the powers and rights that are conferred to the settlor by the trust instrument.
(b)
An agreement or understanding, express or implied, between the settlor and the trustee that attempts to grant or permit the retention of greater rights or authority than is stated in the trust instrument is void.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-705 - Beneficiaries - Named in writing - Provision for support - Income

(a)
The beneficiary of a spendthrift trust or domestic asset protection trust shall be named or clearly referred to in the document.
(b)
No spouse, former spouse, child, or dependent shall be a beneficiary unless the person is named or clearly referred to as a beneficiary in the document.
(c)
The provision for the beneficiary shall:
(1)
Be for the support, education, maintenance, and benefit of the beneficiary alone;
(2)
Be without reference to or limited by:
(A)
The beneficiary's needs, station in life, or mode of life; or
(B)
The needs of any other person, regardless of whether the person is dependent upon the beneficiary; and
(3)
Extend to all of the income from the trust estate devoted for that purpose by the creator of the trust without exception or deduction other than for:
(A)
Costs or fees regularly earned, paid, or incurred by the trustee for the administration or protection of the trust estate; or
(B)
Taxes paid or incurred by:
(i)
The trust estate; or
(ii)
The interest of the beneficiary of the trust.
(d)
The existence of a spendthrift trust or domestic asset protection trust shall not depend on the beneficiary's:
(1)
Character;
(2)
Capacity or incapacity; or
(3)
Competency or incompetency.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-706 - Discretion of trustee

(a)
The trustee's discretionary power is absolute, regardless of whether a valid provision for the accumulation of trust income is made or if the provision relates to the trust income from real or personal property, in all cases where the creator of a spendthrift trust or domestic asset protection trust:
(1)
Indicates the sum to be applied for or paid to the beneficiary or makes the application or payment of sums for or to the beneficiary at the discretion of the trustee;
(2)
Makes the amount of trust income to be applied for or paid to the beneficiary at the discretion of the trustee; or
(3)
Gives the trustee the discretion to pay all or any part of the trust income to one (1) or more of the beneficiaries.
(b)
A trustee's discretion under subsection (a) of this section shall not be interfered with for any consideration of the needs, station in life, or mode of life of the beneficiary, or for any uncertainty or pretext.
(c)
The trustee of a spendthrift trust or domestic asset protection trust is required to disregard and defeat an assignment or other act, voluntary or involuntary, that is attempted contrary to the provisions of this subchapter.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-707 - Restraints on alienation - Exclusive jurisdiction of court

(a)
(1)
A spendthrift trust or domestic asset protection trust restrains and prohibits the assignment, alienation, acceleration, and anticipation of any interest of the beneficiary under the trust by the voluntary or involuntary act of the beneficiary, by operation of law, or any legal process.
(2)
The trust estate, corpus, or capital of a spendthrift trust or domestic asset protection trust shall not be assigned, aliened, diminished, or impaired by any alienation, transfer, or seizure that has the effect of cutting off or diminishing the payments, rents, profits, earnings, or income of the trust estate that would otherwise be currently available for the benefit of the beneficiary.
(b)
A mandatory or discretionary payment by the trustee to the beneficiary shall be made only to or for the benefit of the beneficiary and not:
(1)
By acceleration or anticipation; or
(2)
To an assignee of the beneficiary or upon an order, written or oral, given by the beneficiary, regardless of whether the order is a voluntary contractual act of the beneficiary or is through any legal process, including without limitation:
(A)
A judgment;
(B)
An execution;
(C)
An attachment;
(D)
A garnishment;
(E)
A bankruptcy; or
(F)
A contract, tort, or duty.
(c)
(1)
The beneficiary shall not have the power or capacity to make any disposition of the trust income:
(A)
By his or her order, voluntary or involuntary; or
(B)
Upon the order or direction of any court or courts, whether bankruptcy or otherwise.
(2)
The interest of the beneficiary shall not be:
(A)
Subject to any process of attachment issued against the beneficiary; or
(B)
Taken in execution under any form of legal process directed against the beneficiary or against the trustee, trust estate, or any part of the income of the trust estate.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-708 - Legal estate of beneficiary in corpus

(a)
A beneficiary of a spendthrift trust or domestic asset protection trust has no legal estate in the capital, principal, or corpus of the trust estate unless under the terms of the trust the beneficiary or a person deriving title from the beneficiary is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life in being.
(b)
The income from the corpus is not to be paid to a specific beneficiary or any other beneficiary until any applicable term of years or life passes as described in subsection (a) of this section.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-709 - Perpetuities

(a)
A spendthrift trust or domestic asset protection trust may not continue for a period longer than permitted under §
18-3-101
et seq.
(b)
(1)
The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in the State of Arkansas or in the state where the lands affected by the trust are situated.
(2)
Notwithstanding subdivision (b)(1) of this section, a contingent remainder in fee may be created on a prior remainder in fee to take effect if the person to whom the first remainder is limited dies under twenty-one (21) years of age, or upon any other contingency by which the estate of that person may be determined before he or she attains twenty-one (21) years of age.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-710 - Accumulation of income

(a)
The accumulation of income of trust property may be directed in the document creating a spendthrift trust or domestic asset protection trust for the benefit of one (1) or more beneficiaries to commence within the time permitted for the vesting of a future interest, but shall not extend beyond the period limiting the time within which the absolute power of alienation of property may be suspended.
(b)
(1)
If the direction of the accumulation of income of trust property is for a longer term than is permitted by law, it is void only as to the excess time, regardless of whether the direction is separable from the other clauses in the trust.
(2)
In the case of invalidity of the direction of the accumulation of income of trust property, the income may be paid and distributed to the next succeeding beneficiary in interest.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-711 - Alternate provisions - Discretion of settlor

A settlor of a spendthrift trust or domestic asset protection trust may by a document creating a spendthrift trust or domestic asset protection trust make separate, different, or alternate provisions other than what is set forth in §§
28-72-701
-
28-72-710
, so long as the settlor uses express, specific language establishing that intent.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-713 - Trust administered under laws of another state or jurisdiction

(a)
A trust administered under the laws of another state or another jurisdiction is a spendthrift trust or domestic asset protection trust under this subchapter if the:
(1)
Trustee of the trust complies with the requirements set forth in the trust instrument and the requirements of the laws of the state or jurisdiction from which the trust is being transferred;
(2)
Trustee or other person having the power to transfer the domicile of the trust declares the intent to transfer the domicile of the trust in writing;
(3)
Document declaring the intent to transfer the domicile of the trust is delivered to the trustee, if it is executed by a person other than the trustee; and
(4)
Requirements of this subchapter are satisfied simultaneously with or immediately after the change of the domicile.
(b)
For purposes of §
28-72-712
, if the domicile of an existing trust is transferred from another state or jurisdiction to this state and the laws of the other state or jurisdiction are similar to the provisions of this subchapter, the transfer of the trust is deemed to have occurred:
(1)
On the date on which the settlor of the trust transferred assets into the trust, if the applicable law of the trust has at all times been substantially similar to the provisions of this subchapter; or
(2)
On the earliest date on which the applicable laws of the trust were substantially similar to the provisions of this subchapter.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 72 - PARTICULAR TRUSTS (§§ 28-72-101 — 28-72-714) › Subchapter 7 - Spendthrift Trusts and Domestic Asset Protection Trusts (§§ 28-72-701 — 28-72-714) › Section 28-72-714 - Applicability to trust or estate

This subchapter applies to a trust or estate existing or created on or after August 1, 2023, except as otherwise expressly provided in the terms of the trust or this subchapter.
Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 28-73-101 - Short title

This chapter may be cited as the Arkansas Trust Code.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 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.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 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.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 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
.
Amended by Act 2019, No. 1021,§ 2, eff. 1/1/2020.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 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.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 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.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 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.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 28-73-109 - Methods and waiver of notice

(a)
Notice to a person under this chapter or the sending of a document to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, personal delivery, delivery to the person's last known place of residence or place of business, or a properly directed electronic message.
(b)
Notice otherwise required under this chapter or a document otherwise required to be sent under this chapter need not be provided to a person whose identity or location is unknown to and not reasonably ascertainable by the trustee.
(c)
Notice under this chapter or the sending of a document under this chapter may be waived by the person to be notified or sent the document.
(d)
Notice of a judicial proceeding must be given as provided in the applicable rules of civil procedure.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 28-73-110 - Others treated as qualified beneficiaries

(a)
Whenever notice to qualified beneficiaries of a trust is required under this chapter, the trustee must also give notice to any other beneficiary who has sent the trustee a request for notice.
(b)
A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter if the charitable organization, on the date the charitable organization's qualification is being determined:
(1)
is a distributee or permissible distributee of trust income or principal;
(2)
would be a distributee or permissible distributee of trust income or principal upon termination of the interests of other distributees or permissible distributees then receiving or eligible to receive distributions; or
(3)
would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.
(c)
A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in §
28-73-408
or §
28-73-409
has the rights of a qualified beneficiary under this chapter.
(d)
The Attorney General has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in this state.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 28-73-111 - Nonjudicial settlement agreements

(a)
For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
(b)
Except as otherwise provided in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(c)
A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this chapter or other applicable law.
(d)
Matters that may be resolved by a nonjudicial settlement agreement include:
(1)
the interpretation or construction of the terms of the trust;
(2)
the approval of a trustee's report or accounting;
(3)
direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power;
(4)
the resignation or appointment of a trustee and the determination of a trustee's compensation;
(5)
transfer of a trust's principal place of administration; and
(6)
liability of a trustee for an action relating to the trust.
(e)
Any interested person may request a court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in §
28-73-301
et seq. was adequate, and to determine whether the agreement contains terms and conditions a court could have properly approved.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 28-73-101 — 28-73-112) › Section 28-73-112 - Rules of construction

The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 2 - JUDICIAL PROCEEDINGS (§§ 28-73-201 — 28-73-203) › Section 28-73-201 - Role of court in administration of trust

(a)
A court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law.
(b)
A trust is not subject to continuing judicial supervision unless ordered by the court.
(c)
A judicial proceeding involving a trust may relate to any matter involving the trust's administration, including a request for instructions and an action to declare rights.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 2 - JUDICIAL PROCEEDINGS (§§ 28-73-201 — 28-73-203) › Section 28-73-202 - Jurisdiction over trustee and beneficiary

(a)
By accepting the trusteeship of a trust having its principal place of administration in this state or by moving the principal place of administration to this state, the trustee submits personally to the jurisdiction of a court of this state regarding any matter involving the trust.
(b)
With respect to their interests in the trust, the beneficiaries of a trust having its principal place of administration in this state are subject to the jurisdiction of the courts of this state regarding any matter involving the trust. By accepting a distribution from such a trust, the recipient submits personally to the jurisdiction of a court of this state regarding any matter involving the trust.
(c)
This section does not preclude other methods of obtaining jurisdiction over a trustee, beneficiary, or other person receiving property from the trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 2 - JUDICIAL PROCEEDINGS (§§ 28-73-201 — 28-73-203) › Section 28-73-203 - Subject-matter jurisdiction

The circuit court has exclusive jurisdiction of proceedings in this state brought by a trustee or beneficiary concerning the administration of a trust or of other proceedings involving a trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 3 - REPRESENTATION (§§ 28-73-301 — 28-73-305) › Section 28-73-301 - Representation - Basic effect

(a)
Notice to a person who may represent and bind another person under this subchapter has the same effect as if notice were given directly to the other person.
(b)
The consent of a person who may represent and bind another person under this subchapter is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(c)
Except as otherwise provided in §§
28-73-411
and
28-73-602
, a person who under this subchapter may represent a settlor who lacks capacity may receive notice and give a binding consent on the settlor's behalf.
(d)
A settlor may not represent and bind a beneficiary under this subchapter with respect to the termination or modification of a trust under §
28-73-411(a)
.
Acts 2005, No. 1031, § 1.