Reimbursement of expenses
Known as the Arkansas Trust Code
The act spans §§ 28–28 (103 sections).
Applied in 1 court decision — leading case 2013 Ark. App. 256 - Rose v. Rose (2013)
Most recently applied in 2013 Ark. App. 256 - Rose v. Rose (April 2013)
Acts 2005, No. 1031, § 1.
(1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: expenses that were properly incurred in the administration of the trust; and
(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(3) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
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.