Arkansas Trust Code

Arkansas · Wills, Estates, and Fiduciary Relationships · §§ 28-73-1001 to 28-73-908 · 103 sections

Overview

This act governs the creation, administration, and termination of private and charitable trusts. It sets out how a trust is formed — the methods of creation, the intent and capacity required of the settlor and trustee, the property that funds it, and the writing requirements it must satisfy — and it supplies default rules that apply unless the terms of the trust provide otherwise, alongside a smaller set of mandatory rules that override contrary terms. It also establishes mechanisms for changing a trust after it exists, including revocation or amendment by the settlor, judicial modification, reformation, or termination, division and combination of trusts, termination of trusts too small to justify administration, and distribution of trust property into a second trust, and it addresses recurring substantive questions such as spendthrift provisions, forfeiture clauses, perpetuities limits, and trusts for the care of an animal.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 80 court decisions.

Most-cited authority: 102 Ark. App. 92 - Taylor v. Woods

Sections covered

Ark. Code Ann. § 28-73-1001Remedies for breach of trust2 cites
Ark. Code Ann. § 28-73-1002Damages for breach of trust
Ark. Code Ann. § 28-73-1003Damages in absence of breach
Ark. Code Ann. § 28-73-1004Attorney's fees and costs8 cites
Ark. Code Ann. § 28-73-1005Limitation of action against trustee1 cite
Ark. Code Ann. § 28-73-1006Reliance on trust instrument
Ark. Code Ann. § 28-73-1007Event affecting administration or distribution
Ark. Code Ann. § 28-73-1008Exculpation of trustee1 cite
Ark. Code Ann. § 28-73-1009Beneficiary's consent, release, or ratification
Ark. Code Ann. § 28-73-101Short title1 cite
Ark. Code Ann. § 28-73-1010Limitation on personal liability of trustee
Ark. Code Ann. § 28-73-1011Interest as general partner
Ark. Code Ann. § 28-73-1012Protection of person dealing with trustee
Ark. Code Ann. § 28-73-1013Certification of trust
Ark. Code Ann. § 28-73-102Scope1 cite
Ark. Code Ann. § 28-73-103Definitions. [Effective until January 1, 2020.]5 cites
Ark. Code Ann. § 28-73-103.1Definitions. [Effective January 1, 2020.]
Ark. Code Ann. § 28-73-104Knowledge
Ark. Code Ann. § 28-73-105Default and mandatory rules4 cites
Ark. Code Ann. § 28-73-106Common law of trusts — Principles of equity1 cite
Ark. Code Ann. § 28-73-107Governing law
Ark. Code Ann. § 28-73-108Principal place of administration
Ark. Code Ann. § 28-73-109Methods and waiver of notice
Ark. Code Ann. § 28-73-110Others treated as qualified beneficiaries1 cite
Ark. Code Ann. § 28-73-1101Uniformity of application and construction
Ark. Code Ann. § 28-73-1102Electronic records and signatures
Ark. Code Ann. § 28-73-1103Severability clause
Ark. Code Ann. § 28-73-1104Effective date
Ark. Code Ann. § 28-73-1105[Reserved.]
Ark. Code Ann. § 28-73-1106Application to existing relationships4 cites
Ark. Code Ann. § 28-73-111Nonjudicial settlement agreements1 cite
Ark. Code Ann. § 28-73-112Rules of construction
Ark. Code Ann. § 28-73-201Role of court in administration of trust3 cites
Ark. Code Ann. § 28-73-202Jurisdiction over trustee and beneficiary1 cite
Ark. Code Ann. § 28-73-203Subject-matter jurisdiction1 cite
Ark. Code Ann. § 28-73-301Representation — Basic effect
Ark. Code Ann. § 28-73-302Representation by holder of general testamentary power of appointment
Ark. Code Ann. § 28-73-303Representation by fiduciaries and parents
Ark. Code Ann. § 28-73-304Representation by person having substantially identical interest
Ark. Code Ann. § 28-73-305Appointment of representative1 cite
Ark. Code Ann. § 28-73-401Methods of creating trust1 cite
Ark. Code Ann. § 28-73-402Requirements for creation2 cites
Ark. Code Ann. § 28-73-403Trusts created in other jurisdictions
Ark. Code Ann. § 28-73-404Trust purposes
Ark. Code Ann. § 28-73-405Charitable purposes — Enforcement2 cites
Ark. Code Ann. § 28-73-406Creation of trust induced by fraud, duress, or undue influence1 cite
Ark. Code Ann. § 28-73-407Evidence of oral trust
Ark. Code Ann. § 28-73-408Trust for care of animal
Ark. Code Ann. § 28-73-409Noncharitable trust without ascertainable beneficiary
Ark. Code Ann. § 28-73-410Modification or termination of trust — Proceedings for approval or disapproval1 cite
Ark. Code Ann. § 28-73-411Modification or termination of noncharitable irrevocable trust by consent1 cite
Ark. Code Ann. § 28-73-412Modification or termination because of unanticipated circumstances or inability to administer trust effectively1 cite
Ark. Code Ann. § 28-73-413Cy pres2 cites
Ark. Code Ann. § 28-73-414Modification or termination of uneconomic trust
Ark. Code Ann. § 28-73-415Reformation to correct mistakes
Ark. Code Ann. § 28-73-416Modification to achieve settlor's tax objectives
Ark. Code Ann. § 28-73-417Combination and division of trusts
Ark. Code Ann. § 28-73-501Rights of beneficiary's creditor or assignee1 cite
Ark. Code Ann. § 28-73-502Spendthrift provision3 cites
Ark. Code Ann. § 28-73-503[Reserved.]
Ark. Code Ann. § 28-73-504Discretionary trusts — Effect of standard
Ark. Code Ann. § 28-73-505Creditor's claim against settlor
Ark. Code Ann. § 28-73-506Overdue distribution2 cites
Ark. Code Ann. § 28-73-507Personal obligations of trustee
Ark. Code Ann. § 28-73-601Capacity of settlor of revocable trust1 cite
Ark. Code Ann. § 28-73-602Revocation or amendment of revocable trust4 cites
Ark. Code Ann. § 28-73-603Settlor's powers — Powers of withdrawal. [Effective until January 1, 2020.]2 cites
Ark. Code Ann. § 28-73-603.1Settlor's powers — Powers of withdrawal. [Effective January 1, 2020.]
Ark. Code Ann. § 28-73-604Limitation on action contesting validity of revocable trust — Distribution of trust property
Ark. Code Ann. § 28-73-701Accepting or declining trusteeship2 cites
Ark. Code Ann. § 28-73-702Trustee's bond
Ark. Code Ann. § 28-73-703Cotrustees
Ark. Code Ann. § 28-73-704Vacancy in trusteeship — Appointment of successor
Ark. Code Ann. § 28-73-705Resignation of trustee
Ark. Code Ann. § 28-73-706Removal of trustee4 cites
Ark. Code Ann. § 28-73-707Delivery of property by former trustee
Ark. Code Ann. § 28-73-708Compensation of trustee
Ark. Code Ann. § 28-73-709Reimbursement of expenses1 cite
Ark. Code Ann. § 28-73-801Duty to administer trust1 cite
Ark. Code Ann. § 28-73-802Duty of loyalty2 cites
Ark. Code Ann. § 28-73-803Impartiality
Ark. Code Ann. § 28-73-804Prudent administration
Ark. Code Ann. § 28-73-805Costs of administration
Ark. Code Ann. § 28-73-806Trustee's skills
Ark. Code Ann. § 28-73-807Delegation by trustee
Ark. Code Ann. § 28-73-808Powers to direct. [Repealed effective January 1, 2020.]
Ark. Code Ann. § 28-73-809Control and protection of trust property1 cite
Ark. Code Ann. § 28-73-810Recordkeeping and identification of trust property1 cite
Ark. Code Ann. § 28-73-811Enforcement and defense of claims
Ark. Code Ann. § 28-73-812Collecting trust property
Ark. Code Ann. § 28-73-813Duty to inform and report2 cites
Ark. Code Ann. § 28-73-814Discretionary powers — Tax savings1 cite
Ark. Code Ann. § 28-73-815General powers of trustee2 cites
Ark. Code Ann. § 28-73-816Specific powers of trustee1 cite
Ark. Code Ann. § 28-73-817Distribution upon termination
Ark. Code Ann. § 28-73-901Prudent investor rule1 cite
Ark. Code Ann. § 28-73-902Standard of care — Portfolio strategy — Risk and return objectives
Ark. Code Ann. § 28-73-903Diversification
Ark. Code Ann. § 28-73-904Duties at inception of trusteeship1 cite
Ark. Code Ann. § 28-73-905Reviewing compliance
Ark. Code Ann. § 28-73-906Language invoking standard of subchapter
Ark. Code Ann. § 28-73-907Application to existing trusts
Ark. Code Ann. § 28-73-908Uniformity of application and construction

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