(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 28-72-403, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
Structure Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 5 - Fiduciary Relationships
Chapter 72 - Particular Trusts
Subchapter 4 - Arkansas Custodial Trust Act
§ 28-72-402. Custodial trust — General
§ 28-72-403. Custodial trustee for future payment or transfer
§ 28-72-404. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction
§ 28-72-405. Transfer to custodial trustee by fiduciary or obligor — Facility of payment
§ 28-72-406. Multiple beneficiaries — Separate custodial trusts — Survivorship
§ 28-72-407. General duties of custodial trustee
§ 28-72-408. General powers of custodial trustee
§ 28-72-409. Use of custodial trust property
§ 28-72-410. Determination of incapacity — Effect
§ 28-72-411. Exemption of third person from liability
§ 28-72-412. Liability to third person
§ 28-72-414. Expenses, compensation, and bond of custodial trustee
§ 28-72-416. Limitations of action against custodial trustee
§ 28-72-417. Distribution on termination
§ 28-72-418. Methods and forms for creating custodial trusts