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23-40-116. Trust funds — Disbursements.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-116. Trust funds — Disbursements.
The trustee shall disburse money or other property from the trust fund only as follows:
(1) Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner, in which event the contract proceeds shall be paid to the seller;
(2) Upon cancellation of the prepaid contract pursuant to § 23-40-122 and upon proper proof and documentation being submitted to and approved by the commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner;
(3) Upon the breach of contract by either party, in which event the contract proceeds shall be paid according to a judgment of a court of competent jurisdiction; or
(4) Upon the withdrawal of net investment income or surplus by the seller, which may be made at any time and from time to time.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-116
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-40-116
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 390dcd2bf24f844ea6cf729c199e1a0610f7f1b318580db371ee4638df1d3634
Source location: content.xml paragraph 19495
Stored source content
23-40-116. Trust funds — Disbursements.
The trustee shall disburse money or other property from the trust fund only as follows:
(1) Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner, in which event the contract proceeds shall be paid to the seller;
(2) Upon cancellation of the prepaid contract pursuant to § 23-40-122 and upon proper proof and documentation being submitted to and approved by the commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner;
(3) Upon the breach of contract by either party, in which event the contract proceeds shall be paid according to a judgment of a court of competent jurisdiction; or
(4) Upon the withdrawal of net investment income or surplus by the seller, which may be made at any time and from time to time.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-122. Cancellation or transfer.
(a) A purchaser may cancel or transfer a prepaid contract under this section, whether revocable or irrevocable, or whether cash-funded or funded by insurance or an annuity, at any time before performance of the contract by the seller, under the following conditions:
(1) In the case of a cash-funded or trust-funded prepaid contract:
(A) Before the death of the contract beneficiary, if the prepaid contract is revocable, the purchaser is entitled to receive a refund of not less than one hundred percent (100%) of all sums paid to the seller by the purchaser, not to exceed the contract price;
(B) After death, if the prepaid contract is revocable, the purchaser or his or her representative is entitled to receive one hundred percent (100%) of the amount paid to the seller by the purchaser, not to exceed the contract price; or
(C) If the prepaid contract is irrevocable, the purchaser shall not have the right to a refund of any funds paid by him or her or proceeds paid to the seller but shall have the right to change the provider of the contract services and merchandise to a substitute provider, in which event the seller shall transfer to the substitute provider not less than one hundred percent (100%) of the amount paid to the seller by the purchaser, not to exceed the contract price;
(2) In the case of a prepaid contract funded by life insurance:
(A) Before the death of the contract beneficiary, if the prepaid contract is revocable, the purchaser shall have the right to receive not less than one hundred percent (100%) of the cash surrender value of the policy used to fund the prepaid contract, not to exceed the premium paid by the purchaser;
(B) After the death of the contract beneficiary, if the prepaid contract is revocabl
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-122
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-40-122. This identifies an authority to review, not proof of applicability.