28-70-606. Transitional matters.

Arkansas Code — all titles (historical 2020) · legal_authorities

28-70-606. Transitional matters. Section 28-70-409, as amended by this act, applies to a trust described in § 28-70-409(d) on and after the following dates: (1) If the trust is not funded as of July 27, 2011, the date of the decedent's death. (2) If the trust is initially funded in the calendar year beginning January 1, 2011, the date of the decedent's death. (3) If the trust is not described in paragraph (1) or (2), January 1, 2012.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-70-606

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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Arkansas Code — all titles (historical 2020) · legal_authorities

28-70-409. Deferred compensation, annuities, and similar payments.

28-70-409. Deferred compensation, annuities, and similar payments. (a) In this section: (1) “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment made in money or property from the payer's general assets or from a separate fund created by the payer. For purposes of subsections (d), (e), (f), and (g) the term also includes a payment from any separate fund, regardless of the reason for the payment. (2) “Separate fund” includes a private or commercial annuity, an individual retirement account, and a pension, profit-sharing, stock-bonus, or stock-ownership plan. (b) To the extent that a payment is characterized as interest, a dividend, or a payment made in lieu of interest or a dividend, a trustee shall allocate the payment to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment. (c) If no part of a payment is characterized as interest, a dividend, or an equivalent payment, and all or part of the payment is required to be made, a trustee shall allocate to income 10 percent of the part that is required to be made during the accounting period and the balance to principal. If no part of a payment is required to be made or the payment received is the entire amount to which the trustee is entitled, the trustee shall allocate the entire payment to principal. For purposes of this subsection, a payment is not “required to be made” to the extent that it is made because the trustee exercises a right of withdrawal. (d)

Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-70-409

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 28-70-409. This identifies an authority to review, not proof of applicability.