Arkansas Code
Subtitle 5 - Fiduciary Relationships
Chapter 70 - Uniform Principal And Income Act

Subchapter 1 - Definitions and Fiduciary Duties

§ 28-70-101. Short title - This chapter may be cited as the “Uniform Principal and...

§ 28-70-102. Definitions - In this chapter: (1) “Accounting period” means a calendar year...

§ 28-70-103. Fiduciary duties — General principles - (a) In allocating receipts and disbursements to or between principal...

§ 28-70-104. Trustee's power to adjust - (a) A trustee may adjust between principal and income to...

Subchapter 2 - Decedent's Estate or Terminating Income Interest

§ 28-70-201. Determination and distribution of net income - After a decedent dies, in the case of an estate,...

§ 28-70-202. Distribution to residuary and remainder beneficiaries - (a) Each beneficiary described in § 28-70-201(4) is entitled to...

Subchapter 3 - Apportionment at Beginning and End of Income Interest

§ 28-70-301. When right to income begins and ends - (a) An income beneficiary is entitled to net income from...

§ 28-70-302. Apportionment of receipts and disbursements when decedent dies or income interest begins - (a) A trustee shall allocate an income receipt or disbursement...

§ 28-70-303. Apportionment when income interest ends - (a) In this section, “undistributed income” means net income received...

Subchapter 4 - Allocation of Receipts During Administration of Trust

Part 1 - Receipts From Entities

§ 28-70-401. Character of receipts - (a) In this section, “entity” means a corporation, partnership, limited...

§ 28-70-402. Distribution from trust or estate - A trustee shall allocate to income an amount received as...

§ 28-70-403. Business and other activities conducted by trustee - (a) If a trustee who conducts a business or other...

Part 2 - Receipts Not Normally Apportioned

§ 28-70-404. Principal receipts - A trustee shall allocate to principal: (1) to the extent...

§ 28-70-405. Rental property - To the extent that a trustee accounts for receipts from...

§ 28-70-406. Obligation to pay money - (a) An amount received as interest, whether determined at a...

§ 28-70-407. Insurance policies and similar contracts - (a) Except as otherwise provided in subsection (b), a trustee...

Part 3 - Receipts Normally Apportioned

§ 28-70-408. Insubstantial allocations not required - If a trustee determines that an allocation between principal and...

§ 28-70-409. Deferred compensation, annuities, and similar payments - (a) In this section: (1) “Payment” means a payment that...

§ 28-70-410. Liquidating asset - (a) In this section, “liquidating asset” means an asset whose...

§ 28-70-411. Minerals, water, and other natural resources - (a) To the extent that a trustee accounts for receipts...

§ 28-70-412. Timber - (a) To the extent that a trustee accounts for receipts...

§ 28-70-413. Property not productive of income - (a) If a marital deduction is allowed for all or...

§ 28-70-414. Derivatives and options - (a) In this section, “derivative” means a contract or financial...

§ 28-70-415. Asset-backed securities - (a) In this section, “asset-backed security” means an asset whose...

Subchapter 5 - Allocation of Disbursements During Administration of Trust

§ 28-70-501. Disbursements from income - A trustee shall make the following disbursements from income to...

§ 28-70-502. Disbursements from principal - (a) A trustee shall make the following disbursements from principal:...

§ 28-70-503. Transfers from income to principal for depreciation - (a) In this section, “depreciation” means a reduction in value...

§ 28-70-504. Transfers from income to reimburse principal - (a) If a trustee makes or expects to make a...

§ 28-70-505. Income taxes - (a) A tax required to be paid by a trustee...

§ 28-70-506. Adjustments between principal and income because of taxes - (a) A fiduciary may make adjustments between principal and income...

Subchapter 6 - Miscellaneous Provisions

§ 28-70-601. Uniformity of application and construction - In applying and construing this Uniform Act, consideration must be...

§ 28-70-602. Severability clause - If any provision of this chapter or its application to...

§ 28-70-604. Effective date - This chapter takes effect on January 1, 2000.

§ 28-70-605. Application of chapter to existing trusts and estates - This chapter applies to every trust or decedent's estate existing...

§ 28-70-606. Transitional matters - Section 28-70-409, as amended by this act, applies to a...