28-72-404. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.

Arkansas Code — all titles (historical 2020) · legal_authorities

28-72-404. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.

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, express or implied, of the custodial trust property. (b) The custodial trustee's acceptance may be evidenced by a writing stating in substance: CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE I, (name of custodial trustee), acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Arkansas Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of . Dated: (Signature of Custodial Trustee) Click to view form. (c) Upon accepting custodial trust property, a person designated as custodial trustee under this subchapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-404

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.