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28-69-202. Common trust funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-69-202. Common trust funds.
(a)(1) Any trust department of a state bank, national bank, or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary or to itself and others as co-fiduciaries. The bank or trust company, as fiduciary or co-fiduciary, may invest funds which it lawfully holds for investment in interests in such common trust funds if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciary or co-fiduciaries to the investment.
(2) For purposes of this subchapter, the term “trust department” or “trust company” shall include two (2) or more trust departments or trust companies which are members of the same “affiliated group” as defined in § 1504 of the Internal Revenue Code, as amended, with respect to any fund established pursuant to this subsection of which any of the trust departments or trust companies is trustee or of which two (2) or more of the trust departments or trust companies are co-trustees.
(b) Unless ordered by a court of competent jurisdiction, the bank or trust company operating common trust funds is not required to render a court accounting with regard to such funds. However, the bank or trust company may, by application to the circuit court of the county in which it has its place of business, secure approval of such an accounting on such conditions as the court may establish.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-69-202
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:28-69-202
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 46c963b98bba4e7f888dcab6ac77d0a595f6e49e2bb187c2e0df48fa667d5190
Source location: content.xml paragraph 11242
Stored source content
28-69-202. Common trust funds.
(a)(1) Any trust department of a state bank, national bank, or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary or to itself and others as co-fiduciaries. The bank or trust company, as fiduciary or co-fiduciary, may invest funds which it lawfully holds for investment in interests in such common trust funds if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciary or co-fiduciaries to the investment.
(2) For purposes of this subchapter, the term “trust department” or “trust company” shall include two (2) or more trust departments or trust companies which are members of the same “affiliated group” as defined in § 1504 of the Internal Revenue Code, as amended, with respect to any fund established pursuant to this subsection of which any of the trust departments or trust companies is trustee or of which two (2) or more of the trust departments or trust companies are co-trustees.
(b) Unless ordered by a court of competent jurisdiction, the bank or trust company operating common trust funds is not required to render a court accounting with regard to such funds. However, the bank or trust company may, by application to the circuit court of the county in which it has its place of business, secure approval of such an accounting on such conditions as the court may establish.
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