§ 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, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. (b) Notwithstanding subsection (a), this chapter does not apply to public trusts that are governed by § 28-72-201 et seq.
§ 28-73-103. Definitions. [Effective January 1, 2020.]
In this chapter: (1) “Action”, with respect to an act of a trustee, includes a failure to act. (2) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or Section 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on September 1, […]
§ 28-73-103. Definitions. [Effective until January 1, 2020.]
In this chapter: (1) “Action”, with respect to an act of a trustee, includes a failure to act. (2) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or Section 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on September 1, […]
§ 28-73-104. Knowledge
(a) Subject to subsection (b), a person has knowledge of a fact if the person: (1) has actual knowledge of it; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has reason to know it. (b) An organization […]
§ 28-73-105. Default and mandatory rules
(a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of this chapter except: (1) the requirements for creating a trust; (2) subject […]
§ 28-73-106. Common law of trusts — Principles of equity
The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.
§ 28-73-107. Governing law
The meaning and effect of the terms of a trust are determined by: (1) the law of the jurisdiction designated in the terms unless the designation of that jurisdiction’s law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or (2) in the absence […]
§ 28-73-108. Principal place of administration
(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) a trustee’s principal place of business is located in or a trustee is a resident of the designated jurisdiction; or (2) all or part of […]
§ 28-73-109. Methods and waiver of notice
(a) Notice to a person under this chapter or the sending of a document to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, personal […]
§ 28-73-110. Others treated as qualified beneficiaries
(a) Whenever notice to qualified beneficiaries of a trust is required under this chapter, the trustee must also give notice to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified […]
§ 28-73-111. Nonjudicial settlement agreements
(a) For purposes of this section, “interested persons” means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. (b) Except as otherwise provided in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving […]
§ 28-73-112. Rules of construction
The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property.