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28-72-417. Distribution on termination.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-417. Distribution on termination.
(a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
(1) to the beneficiary, if not incapacitated or deceased;
(2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or
(3) upon the beneficiary's death, in the following order:
(i) as last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;
(ii) to the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 28-72-406;
(iii) as designated in the instrument creating the custodial trust; or
(iv) to the estate of the deceased beneficiary.
(b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-417
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:28-72-417
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a009079b22c4a081cfdc409c5fc5356cdfabd6824aa3f5221e2c0e54df45227d
Source location: content.xml paragraph 12550
Stored source content
28-72-417. Distribution on termination.
(a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
(1) to the beneficiary, if not incapacitated or deceased;
(2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or
(3) upon the beneficiary's death, in the following order:
(i) as last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;
(ii) to the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 28-72-406;
(iii) as designated in the instrument creating the custodial trust; or
(iv) to the estate of the deceased beneficiary.
(b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-406. Multiple beneficiaries — Separate custodial trusts — Survivorship.
(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
(b) Custodial trust property held under this subchapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.
(c) A custodial trustee of custodial trust property held for more than one (1) beneficiary shall separately account to each beneficiary pursuant to §§ 28-72-407 and 28-72-415 for the administration of the custodial trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-406
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 28-72-406. This identifies an authority to review, not proof of applicability.