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Subchapter 1 - General Provisions and Definitions
§ 28-73-101. Short title - This chapter may be cited as the Arkansas Trust Code.
§ 28-73-102. Scope - (a) This chapter applies to express trusts, charitable or noncharitable,...
§ 28-73-103. Definitions. [Effective until January 1, 2020.] - In this chapter: (1) “Action”, with respect to an act...
§ 28-73-103. Definitions. [Effective January 1, 2020.] - In this chapter: (1) “Action”, with respect to an act...
§ 28-73-104. Knowledge - (a) Subject to subsection (b), a person has knowledge of...
§ 28-73-105. Default and mandatory rules - (a) Except as otherwise provided in the terms of the...
§ 28-73-106. Common law of trusts — Principles of equity - The common law of trusts and principles of equity supplement...
§ 28-73-107. Governing law - The meaning and effect of the terms of a trust...
§ 28-73-108. Principal place of administration - (a) Without precluding other means for establishing a sufficient connection...
§ 28-73-109. Methods and waiver of notice - (a) Notice to a person under this chapter or the...
§ 28-73-110. Others treated as qualified beneficiaries - (a) Whenever notice to qualified beneficiaries of a trust is...
§ 28-73-111. Nonjudicial settlement agreements - (a) For purposes of this section, “interested persons” means persons...
§ 28-73-112. Rules of construction - The rules of construction that apply in this state to...
Subchapter 2 - Judicial Proceedings
§ 28-73-201. Role of court in administration of trust - (a) A court may intervene in the administration of a...
§ 28-73-202. Jurisdiction over trustee and beneficiary - (a) By accepting the trusteeship of a trust having its...
§ 28-73-203. Subject-matter jurisdiction - The circuit court has exclusive jurisdiction of proceedings in this...
Subchapter 3 - Representation
§ 28-73-301. Representation — Basic effect - (a) Notice to a person who may represent and bind...
§ 28-73-302. Representation by holder of general testamentary power of appointment - To the extent there is no conflict of interest between...
§ 28-73-303. Representation by fiduciaries and parents - To the extent there is no conflict of interest between...
§ 28-73-304. Representation by person having substantially identical interest - Unless otherwise represented, a minor, incapacitated, or unborn individual, or...
§ 28-73-305. Appointment of representative - (a) If a court determines that an interest is not...
Subchapter 4 - Creation, Validity, Modification, and Termination of Trust
§ 28-73-401. Methods of creating trust - A trust may be created by: (1) transfer of property...
§ 28-73-402. Requirements for creation - (a) A trust is created only if: (1) the settlor...
§ 28-73-403. Trusts created in other jurisdictions - A trust not created by will is validly created if...
§ 28-73-404. Trust purposes - A trust may be created only to the extent its...
§ 28-73-405. Charitable purposes — Enforcement - (a) A charitable trust may be created for the relief...
§ 28-73-406. Creation of trust induced by fraud, duress, or undue influence - A trust is void to the extent its creation was...
§ 28-73-407. Evidence of oral trust - Except as required by a statute other than this chapter,...
§ 28-73-408. Trust for care of animal - (a) A trust may be created to provide for the...
§ 28-73-409. Noncharitable trust without ascertainable beneficiary - Except as otherwise provided in § 28-73-408 or by another...
§ 28-73-410. Modification or termination of trust — Proceedings for approval or disapproval - (a) In addition to the methods of termination prescribed by...
§ 28-73-411. Modification or termination of noncharitable irrevocable trust by consent - (a) (1) A noncharitable irrevocable trust may be modified or...
§ 28-73-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively - (a) In addition to the procedure available under § 28-69-401...
§ 28-73-413. Cy pres - (a) Except as otherwise provided in subsection (b), if a...
§ 28-73-414. Modification or termination of uneconomic trust - (a) After notice to the qualified beneficiaries, the trustee of...
§ 28-73-415. Reformation to correct mistakes - A court may reform the terms of a trust, even...
§ 28-73-416. Modification to achieve settlor's tax objectives - To achieve the settlor's tax objectives, a court may modify...
§ 28-73-417. Combination and division of trusts - (a) (1) After notice to the qualified beneficiaries, a trustee...
Subchapter 5 - Creditor's Claims — Spendthrift and Discretionary Trusts
§ 28-73-501. Rights of beneficiary's creditor or assignee - To the extent a beneficiary's interest is not protected by...
§ 28-73-502. Spendthrift provision - (a) A spendthrift provision is valid only if it restrains...
§ 28-73-504. Discretionary trusts — Effect of standard - (a) Whether or not a trust contains a spendthrift provision,...
§ 28-73-505. Creditor's claim against settlor - (a) Whether or not the terms of a trust contain...
§ 28-73-506. Overdue distribution - Whether or not a trust contains a spendthrift provision, a...
§ 28-73-507. Personal obligations of trustee - Trust property is not subject to personal obligations of the...
Subchapter 6 - Revocable Trusts
§ 28-73-601. Capacity of settlor of revocable trust - The capacity required to create, amend, revoke, or add property...
§ 28-73-602. Revocation or amendment of revocable trust - (a) Unless the terms of a trust expressly provide that...
§ 28-73-603. Settlor's powers — Powers of withdrawal. [Effective until January 1, 2020.] - (a) While a trust is revocable and the settlor has...
§ 28-73-603. Settlor's powers — Powers of withdrawal. [Effective January 1, 2020.] - (a) To the extent a trust is revocable by a...
§ 28-73-604. Limitation on action contesting validity of revocable trust — Distribution of trust property - (a) A person may commence a judicial proceeding to contest...
Subchapter 7 - Office of Trustee
§ 28-73-701. Accepting or declining trusteeship - (a) Except as otherwise provided in subsection (c), a person...
§ 28-73-702. Trustee's bond - (a) A trustee shall give bond to secure performance of...
§ 28-73-703. Cotrustees - (a) Cotrustees who are unable to reach a unanimous decision...
§ 28-73-704. Vacancy in trusteeship — Appointment of successor - (a) A vacancy in a trusteeship occurs if: (1) a...
§ 28-73-705. Resignation of trustee - (a) A trustee may resign: (1) upon at least thirty...
§ 28-73-706. Removal of trustee - (a) The settlor, a cotrustee, or a beneficiary may request...
§ 28-73-707. Delivery of property by former trustee - (a) Unless a cotrustee remains in office or a court...
§ 28-73-708. Compensation of trustee - (a) If the terms of a trust do not specify...
§ 28-73-709. Reimbursement of expenses - (a) A trustee is entitled to be reimbursed out of...
Subchapter 8 - Duties and Powers of Trustee
§ 28-73-801. Duty to administer trust - Upon acceptance of a trusteeship, the trustee shall administer the...
§ 28-73-802. Duty of loyalty - (a) A trustee shall administer the trust solely in the...
§ 28-73-803. Impartiality - If a trust has two (2) or more beneficiaries, the...
§ 28-73-804. Prudent administration - A trustee shall administer the trust as a prudent person...
§ 28-73-805. Costs of administration - In administering a trust, the trustee may incur only costs...
§ 28-73-806. Trustee's skills - A trustee who has special skills or expertise, or is...
§ 28-73-807. Delegation by trustee - (a) A trustee may delegate duties and powers that a...
§ 28-73-808. Powers to direct. [Repealed effective January 1, 2020.] - Publisher's Notes. This section is repealed by Acts 2019, No....
§ 28-73-809. Control and protection of trust property - A trustee shall take reasonable steps to take control of...
§ 28-73-810. Recordkeeping and identification of trust property - (a) A trustee shall keep adequate records of the administration...
§ 28-73-811. Enforcement and defense of claims - A trustee shall take reasonable steps to enforce claims of...
§ 28-73-812. Collecting trust property - A trustee shall take reasonable steps to compel a former...
§ 28-73-813. Duty to inform and report - (a) A trustee shall keep the qualified beneficiaries of the...
§ 28-73-814. Discretionary powers — Tax savings - (a) Notwithstanding the breadth of discretion granted to a trustee...
§ 28-73-815. General powers of trustee - (a) A trustee, without authorization by a court, may exercise:...
§ 28-73-816. Specific powers of trustee - Without limiting the authority conferred by § 28-73-815, a trustee...
§ 28-73-817. Distribution upon termination - (a) Upon termination or partial termination of a trust, the...
Subchapter 9 - Uniform Prudent Investor Act
§ 28-73-901. Prudent investor rule - (a) Except as otherwise provided in subsection (b), a trustee...
§ 28-73-902. Standard of care — Portfolio strategy — Risk and return objectives - (a) A trustee shall invest and manage trust assets as...
§ 28-73-903. Diversification - A trustee shall diversify the investments of the trust unless...
§ 28-73-904. Duties at inception of trusteeship - Within a reasonable time after accepting a trusteeship or receiving...
§ 28-73-905. Reviewing compliance - Compliance with the prudent investor rule is determined in light...
§ 28-73-906. Language invoking standard of subchapter - The following terms or comparable language in the provisions of...
§ 28-73-907. Application to existing trusts - This subchapter applies to trusts existing on and created after...
§ 28-73-908. Uniformity of application and construction - This subchapter shall be applied and construed to effectuate its...
Subchapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustees
§ 28-73-1001. Remedies for breach of trust - (a) A violation by a trustee of a duty the...
§ 28-73-1002. Damages for breach of trust - (a) A trustee who commits a breach of trust is...
§ 28-73-1003. Damages in absence of breach - (a) A trustee is accountable to an affected beneficiary for...
§ 28-73-1004. Attorney's fees and costs - In a judicial proceeding involving the administration of a trust,...
§ 28-73-1005. Limitation of action against trustee - (a) A beneficiary may not commence a proceeding against a...
§ 28-73-1006. Reliance on trust instrument - A trustee who acts in reasonable reliance on the terms...
§ 28-73-1007. Event affecting administration or distribution - If the happening of an event, including marriage, divorce, performance...
§ 28-73-1008. Exculpation of trustee - (a) A term of a trust relieving a trustee of...
§ 28-73-1009. Beneficiary's consent, release, or ratification - A trustee is not liable to a beneficiary for breach...
§ 28-73-1010. Limitation on personal liability of trustee - (a) Except as otherwise provided in the contract, a trustee...
§ 28-73-1011. Interest as general partner - (a) Except as otherwise provided in subsection (c) or unless...
§ 28-73-1012. Protection of person dealing with trustee - (a) A person other than a beneficiary who in good...
§ 28-73-1013. Certification of trust - (a) Instead of furnishing a copy of the trust instrument...
Subchapter 11 - Miscellaneous Provisions
§ 28-73-1101. Uniformity of application and construction - In applying and construing this chapter consideration must be given...
§ 28-73-1102. Electronic records and signatures - The provisions of this chapter governing the legal effect, validity,...
§ 28-73-1103. Severability clause - If any provision of this chapter or its application to...
§ 28-73-1104. Effective date - This chapter takes effect on September 1, 2005.
§ 28-73-1106. Application to existing relationships - (a) Except as otherwise provided in this chapter, on September...