Express trusts may be created in real or personal property, or either or both, or any estate in either or both, with the state, or any governmental or municipal subdivision thereof, or any agency or department of either, or more than one (1) of any of the foregoing, as the beneficiary thereof, for the purpose of aiding or furthering or the providing of funds for the aiding or furthering of any one (1) or more proper functions of the beneficiary then authorized or which might lawfully be authorized. However, no funds of any beneficiary derived from other than trust sources shall be charged with or expended in the execution of the trust except by express lawful action of the beneficiary.
Ark. Code Ann. § 28-72-201
Public trusts authorized
Applied in 2 court decisions — leading case City of Barling v. Fort Chaffee Redevelopment Authority (2001)
Most recently applied in First United Bank v. Phase II, Edgewater Addition Residential Property Owners Improvements District No. 1 (March 2002)
Acts 1961, No. 459, § 1; A.S.A. 1947, § 58-401.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.