Settlor's powers — Powers of withdrawal. [Effective until January 1, 2020.]
Known as the Arkansas Trust Code
The act spans §§ 28–28 (103 sections).
Applied in 2 court decisions — leading case Holmes v. Potter (2017)
Most recently applied in 2024 Ark. App. 376 - Stephanie Wilson and William A. Buckley III v. Jeanette Kolterman, by Her Next Friend, Tad Kolterman Tad Kolterman Monica Johnson And Juanita Groomer (June 2024)
Acts 2005, No. 1031, § 1.
(1) While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(2) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
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.