Browse Arkansas Code titles and sections
23-47-710. Services provided by affiliates.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-710. Services provided by affiliates.
(a) Any bank, subsidiary trust company, or national 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 bank, subsidiary trust company, or national trust company acts as a trustee or other fiduciary, provided the bank, subsidiary trust company, or national trust company believes, in the exercise of the standard of care described in § 28-71-105, that the services are reasonably necessary and that its affiliate can render the services, including, but not limited to, securities brokerage services, computer services, and banking services to the trust or estate as competently as similar services rendered by nonaffiliates and for compensation equal to or less than that charged by nonaffiliates.
(b) Provided the foregoing requirements are met, an affiliate may be utilized by the bank, subsidiary trust company, or national trust company without the approval or consent of any person or specific authorization in the trust instrument, unless the power is expressly withheld in the trust instrument.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-710
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:23-47-710
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1434ea2a48982c752a6646b48c4f375fbf969003851d02c801d672eaa1fcd323
Source location: content.xml paragraph 23087
Stored source content
23-47-710. Services provided by affiliates.
(a) Any bank, subsidiary trust company, or national 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 bank, subsidiary trust company, or national trust company acts as a trustee or other fiduciary, provided the bank, subsidiary trust company, or national trust company believes, in the exercise of the standard of care described in § 28-71-105, that the services are reasonably necessary and that its affiliate can render the services, including, but not limited to, securities brokerage services, computer services, and banking services to the trust or estate as competently as similar services rendered by nonaffiliates and for compensation equal to or less than that charged by nonaffiliates.
(b) Provided the foregoing requirements are met, an affiliate may be utilized by the bank, subsidiary trust company, or national trust company without the approval or consent of any person or specific authorization in the trust instrument, unless the power is expressly withheld in the trust instrument.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-71-105. Standard of judgment and care — Prudent investor rule.
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 and care under the circumstances then prevailing which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-71-105
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 28-71-105. This identifies an authority to review, not proof of applicability.