Arkansas Code Title 28, Subtitle 5, Chapter 72, Subchapter 4 - Arkansas Custodial Trust Act

• § 28-72-401 - Definitions.
  As used in this subchapter: (1) "Adult" means an individual who is at least eighteen (18) years of age. (2) "Beneficiary" means an individual...
• § 28-72-402 - Custodial Trust -- General.
  (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or...
• § 28-72-403 - Custodial Trustee for Future Payment or Transfer.
  (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust...
• § 28-72-404 - Form and Effect of Receipt and Acceptance by Custodial Trustee -- Jurisdiction.
  (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this subchapter upon the custodial trustee's acceptance,...
• § 28-72-405 - Transfer to Custodial Trustee by Fiduciary or Obligor -- Facility of Payment.
  (a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 28-72-403, a person, including a fiduciary other than a custodial...
• § 28-72-406 - Multiple Beneficiaries -- Separate Custodial Trusts -- Survivorship.
  (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each...
• § 28-72-407 - General Duties of Custodial Trustee.
  (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.(b) If the beneficiary is not incapacitated,...
• § 28-72-408 - General Powers of Custodial Trustee.
  (a) A custodial trustee, acting in fiduciary capacity, has all the rights and powers of custodial trust property which an unmarried adult owner has...
• § 28-72-409 - Use of Custodial Trust Property.
  (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial...
• § 28-72-410 - Determination of Incapacity -- Effect.
  (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under § 28-72-405,...
• § 28-72-411 - Exemption of Third Person From Liability.
  A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to...
• § 28-72-412 - Liability to Third Person.
  (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership...
• § 28-72-413 - Declination, Resignation, Incapacity, Death, or Removal of Custodial Trustee -- Designation of Successor Custodial Trustee.
  (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the...
• § 28-72-414 - Expenses, Compensation, and Bond of Custodial Trustee.
  Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:...
• § 28-72-415 - Reporting and Accounting by Custodial Trustee -- Determination of Liability of Custodial Trustee.
  (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter...
• § 28-72-416 - Limitations of Action Against Custodial Trustee.
  (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for...
• § 28-72-417 - Distribution on Termination.
  (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated...
• § 28-72-418 - Methods and Forms for Creating Custodial Trusts.
  (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of §...
• § 28-72-419 - Applicable Law.
  (a) This subchapter applies to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the...
• § 28-72-420 - Uniformity of Application and Construction.
  This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this...
• § 28-72-421 - Title.
  This subchapter may be cited as the "Arkansas Custodial Trust Act."
• § 28-72-422 - Severability.
  If any provision of this act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other...

Last modified: November 15, 2016