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 28-72-416 - Limitations of action against custodial trustee

(a)
Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:
(1)
Who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two (2) years after receipt of the final account or statement; or
(2)
Who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three (3) years after the termination of the custodial trust.
(b)
Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five (5) years after the termination of the custodial trust.
(c)
A claim for relief is not barred by this section if the claimant:
(1)
is a minor, until the earlier of two (2) years after the claimant becomes an adult or dies;
(2)
is an incapacitated adult, until the earliest of two (2) years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or
(3)
was an adult, now deceased, who was not incapacitated, until two (2) years after the claimant's death.
Acts 1991, No. 273, § 16.
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 28-72-417 - Distribution on termination

(a)
Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
(1)
to the beneficiary, if not incapacitated or deceased;
(2)
to the conservator or other recipient designated by the court for an incapacitated beneficiary; or
(3)
upon the beneficiary's death, in the following order:
(i)
as last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;
(ii)
to the survivor of multiple beneficiaries if survivorship is provided for pursuant to §
28-72-406
;
(iii)
as designated in the instrument creating the custodial trust; or
(iv)
to the estate of the deceased beneficiary.
(b)
If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c)
Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
Acts 1991, No. 273, § 17.
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 28-72-419 - Applicable law

(a)
This subchapter applies to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this subchapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this state.
(b)
A transfer made pursuant to an act of another state substantially similar to this subchapter is governed by the law of that state and may be enforced in this state.
Acts 1991, No. 273, § 19.