Title 28, — Appendix Administrative Order Number 12 — Official Probate Forms

Notwithstanding any other provision of law, any funds, including capital, belonging to or under the control of any bank, trust company, savings bank, or savings institution and any funds belonging to or under the control of any administrators, executors, trustees, fiduciaries, gu…

An Arkansas-chartered bank or savings and loan association that holds as trustee funds awaiting investment or distribution, if not prohibited by the instrument or judgment creating the trust, may deposit the funds in the commercial department of the bank or savings and loan assoc…

Any state bank, national bank, or trust company qualified to act as a fiduciary in this state, is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the financial institution or trust company acts as a trustee…

(1) As used in this subchapter:(1) “Environmental law” means any federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment or human health;(2) “Estate” means the estate of the decedent if by reference thereto a provision has been made …

Nothing contained in this subchapter shall be construed to limit the power of a court of competent jurisdiction to prohibit a fiduciary from taking any action or to restrain a fiduciary in the taking of such an action, notwithstanding the authorizations or powers vested in the fi…

(a) By a clearly expressed intention of the testator or settlor so to do contained in a will or in an instrument in writing whereby a trust estate is created inter vivos, the language contained in the introductory paragraph of § 28-69-304 and in any one (1) or more of the subdivi…

(1) Without diminution or restriction of the powers vested in him or her by law, or elsewhere in this instrument, and subject to all other provisions of this instrument, the fiduciary, without the necessity of procuring any judicial authorization therefor, or approval thereof, sh…

(a) The fiduciary shall be entitled to charge the cost of any inspection, review, abatement, response, cleanup, or remedial action authorized herein in compliance with environmental law against the income or principal of the trust or estate. (b) A fiduciary shall not be personall…

(a) By written consent of the settlor and all named beneficiaries of a trust or any part thereof, regardless of any spendthrift or similar protective provisions, the trust or part thereof may be revoked, modified, or terminated upon a finding by the court having jurisdiction over…

A trustee of a trust that is sought to be terminated, modified, or revoked, in whole or in part, pursuant to the terms of this subchapter, may rely on general family benefit accruing to the living named beneficiaries and their families as a basis for approving, or not objecting t…

Nothing in this subchapter shall prevent revocation, modification, or termination of a trust pursuant to its terms, or otherwise in accordance with applicable law.

Any retirement plan which meets the requirements of section 401 or section 403 of the Internal Revenue Code of 1986, as amended, which contains a prohibition against alienation and a prohibition against attachment shall be conclusively presumed for the purposes of Arkansas law to…

This subchapter may be cited as the “Trustee Division of Trusts Act”.

(1) As used in this subchapter:(1) “Trust” means any express trust, with additions thereto, wherever and however created, or any separate share of a trust and includes any arrangement other than an estate which, although not a trust, has substantially the same effect as a trust; …

Unless expressly prohibited by the terms of the governing instrument, when property is held or to be held in a trust, the trustee is authorized, but not required, to divide the trust into two (2) or more separate trusts of equal or unequal value if the trustee determines that div…

(a) A trustee may exercise the authority granted in this subchapter without procuring any judicial authorization or approval. (b) A trustee may exercise the authority granted in this subchapter to divide both funded and unfunded trusts, provided, however, that:(1) An unfunded tes…

If a trustee divides a trust into separate trusts under this subchapter, the terms of the separate trusts need not be identical but must provide for the same succession of interests and beneficiaries as are provided in the original trust. Differing tax elections may be made for e…

This subchapter applies to all trustees regardless of whether the trust was created before, on, or after the date of enactment.

This subchapter may be cited as the Uniform Prudent Management of Institutional Funds Act (2006).

(1) In this subchapter:(1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.(2) “Endowment fun…

(a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (b) In addition to complying with the duty o…

(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is…

(a) Subject to any specific limitation set forth in a gift instrument or in law other than this subchapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the…

(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpo…

Compliance with this subchapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.

This subchapter applies to institutional funds existing on or established after the effective date of this subchapter. As applied to institutional funds existing on the effective date of this subchapter this subchapter governs only decisions made or actions taken on or after that…

This subchapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of …

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

(a) The powers granted by this chapter to the fiduciaries named in this chapter shall be in addition to the powers existing by virtue of other acts heretofore enacted authorizing investments by fiduciaries. (b) This chapter shall not apply in any situation governed by the Uniform…

Nothing contained in this chapter shall be construed to limit the power of a court of competent jurisdiction to permit a fiduciary to take any action, or to restrain a fiduciary from taking any action, notwithstanding the permissions or restrictions contained in any written instr…

Fiduciaries acting under authority granted before or after June 9, 1955, shall be subject to the provisions of this chapter.

(a) Unless prohibited by will, deed, trust, court order, or other instrument establishing the fiduciary relationship or unless another mode of investment is prescribed by any such instrument, trustees, guardians, and personal representatives, in addition to methods of investment …

In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property held in a fiduciary capacity, other than trusts subject to the prudent investor rule as set forth in the Arkansas Trust Code, § 28-73-101 et seq., the fiduciary shall exercise the judgment…

(a) Within the limitations of the standard set forth in § 28-71-105, a fiduciary is authorized to acquire and retain every kind of real, personal, or mixed property and every kind of investment, specifically including, but not by way of limitation, bonds, debentures, and other co…

(a) Unless prohibited by federal law or regulations promulgated thereunder, but notwithstanding any law or rule of this state to the contrary, fiduciaries and financial institutions may invest up to no more than two and one-half percent (2½%) of their funds eligible for investmen…

The circuit courts of this state shall have jurisdiction of the estates of persons imprisoned in a foreign country and of the estates of missing persons.

(a) It shall be the duty of the circuit courts to appoint some suitable person trustee of the estate of any person imprisoned in some foreign country or who may be missing and whose whereabouts are unknown, and who has a family or dependents residing in this state. (b) The truste…

(a) Any trustee so appointed by the circuit court of this state shall have authority to collect and receive and give a receipt for all sums of money or property of any kind or character that may be due any missing person or person imprisoned in any foreign country. (b) Upon recei…

(a) The trustee shall give bond in double the amount of property or money received and, upon the appearance of the missing person or person imprisoned in any foreign country, shall be required to account to and turn over to the person the balance of all funds or property not lega…

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 benefi…

(a) No public trust shall become effective until the beneficial interest therein shall have been accepted by a beneficiary thereof, and the trust shall be effective only as to beneficiaries who have accepted beneficial interest thereunder. (b) If the state or any of its agencies …

The instrument creating the trust may provide for the appointment, succession, powers, duties, term, and compensation of the trustee and may be for the term of the duration of any beneficiary or for a shorter term. In case of the failure of the trust instrument to make provision …

The officers or any other governmental or municipal authorities having the custody, management, or control of any property of any beneficiary of such a trust, at the time of, or after, creation of the trust, may lease any such property as shall be needful in the execution of the …

The instrument creating any public trust may be amended, or the trust may be terminated, by agreement of the trustee, or, if there is more than one (1) trustee, then of all of the trustees, and of the authority having the power of acceptance of beneficial interest thereunder. How…

No trustee of such a trust, or any beneficiary thereof, shall be charged with any liability whatsoever by reason of any act or omission committed or suffered in the performance of the purposes of the trust. However, liability for any act or omission so committed or suffered shall…

For all purposes of taxation under the authority of the state or any of its governmental or taxing subdivisions, the trust estate and its revenues shall have the same immunities as other property and revenues of the beneficiary or beneficiaries not so in trust.