(a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.
(b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.
(c) A person who in good faith delivers assets to a trustee need not ensure their proper application.
(d) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.
(e) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
Structure Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 5 - Fiduciary Relationships
Chapter 73 - Arkansas Trust Code
Subchapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustees
§ 28-73-1001. Remedies for breach of trust
§ 28-73-1002. Damages for breach of trust
§ 28-73-1003. Damages in absence of breach
§ 28-73-1004. Attorney's fees and costs
§ 28-73-1005. Limitation of action against trustee
§ 28-73-1006. Reliance on trust instrument
§ 28-73-1007. Event affecting administration or distribution
§ 28-73-1008. Exculpation of trustee
§ 28-73-1009. Beneficiary's consent, release, or ratification
§ 28-73-1010. Limitation on personal liability of trustee
§ 28-73-1011. Interest as general partner