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28-72-418. Methods and forms for creating custodial trusts.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-418. Methods and forms for creating custodial trusts.
(a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 28-72-402 are satisfied by:
(1) The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form:
TRANSFER UNDER THE ARKANSAS CUSTODIAL TRUST ACT I, (name of transferor or name and representative capacity if a fiduciary), transfer to (name of trustee other than transferor), as custodial trustee for (name of beneficiary) as beneficiary and as distributee on termination of the trust in absence of direction by the beneficiary under the Arkansas Custodial Trust Act, the following: (insert a description of the custodial trust property legally sufficient to identify and transfer each item of property). Dated: (Signature)
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(2) The execution and the recording or giving notice of its execution to the beneficiary of an instrument in substantially the following form:
DECLARATION OF TRUST UNDER THE ARKANSAS CUSTODIAL TRUST ACT I, (name of owner of property), declare that henceforth I hold as custodial trustee for (name of beneficiary other than transferor) as beneficiary and as distributee on termination of the trust in absence of direction by the beneficiary under the Arkansas Custodial Trust Act, the following: (insert a description of the custodial trust property legally sufficient to identify and transfer each item of property). Dated: (Signature)
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(b) Customary methods of transferring or evidencing ownership of property may be used to create a custodial trust, including any of the following:
(1) Registration of a security in the na
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-418
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:28-72-418
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9824bcdc66afa6ebd454c3afb38f2c5766cfc5610bfca3f71c74520111ca94ae
Source location: content.xml paragraph 12570
Stored source content
28-72-418. Methods and forms for creating custodial trusts.
(a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 28-72-402 are satisfied by:
(1) The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form:
TRANSFER UNDER THE ARKANSAS CUSTODIAL TRUST ACT I, (name of transferor or name and representative capacity if a fiduciary), transfer to (name of trustee other than transferor), as custodial trustee for (name of beneficiary) as beneficiary and as distributee on termination of the trust in absence of direction by the beneficiary under the Arkansas Custodial Trust Act, the following: (insert a description of the custodial trust property legally sufficient to identify and transfer each item of property). Dated: (Signature)
Click to view form.
(2) The execution and the recording or giving notice of its execution to the beneficiary of an instrument in substantially the following form:
DECLARATION OF TRUST UNDER THE ARKANSAS CUSTODIAL TRUST ACT I, (name of owner of property), declare that henceforth I hold as custodial trustee for (name of beneficiary other than transferor) as beneficiary and as distributee on termination of the trust in absence of direction by the beneficiary under the Arkansas Custodial Trust Act, the following: (insert a description of the custodial trust property legally sufficient to identify and transfer each item of property). Dated: (Signature)
Click to view form.
(b) Customary methods of transferring or evidencing ownership of property may be used to create a custodial trust, including any of the following:
(1) Registration of a security in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(2) Delivery of a certificated security, or a document necessary for the transfer of an uncertificated security, together with any necessary endorsement, to an adult other than the transferor or to a trust company as custodial trustee, accompanied by an instrument in substantially the form prescribed in subsection (a)(1);
(3) Payment of money or transfer of a security held in the name of a broker or a financial institution or its nominee to a broker or financial institution for credit to an account in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(4) Registration of ownership of a life or endowment insurance policy or annuity contract with the issuer in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(5) Delivery of a written assignment to an adult other than the transferor or to a trust company whose name in the assignment is designated in substance by the words: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(6) Irrevocable exercise of a power of appointment, pursuant to its terms, in favor of a trust company, an adult other than the donee of the power, or the donee who holds the power if the beneficiary is other than the donee, whose name in the appointment is designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(7) Delivery of a written notification or assignment of a right to future payment under a contract to an obligor which transfers the right under the contract to a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, whose name in the notification or assignment is designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(8) Execution, delivery, and recordation of a conveyance of an interest in real property in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”;
(9) Issuance of a certificate of title by an agency of a state or of the United States which evidences title to tangible personal property issued in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act”; or
(10) Execution and delivery of an instrument of gift to a trust company or an adult other than the transferor, designated in substance: “as custodial trustee for (name of beneficiary) under the Arkansas Custodial Trust Act.”
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-402. Custodial trust — General.
(a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under this subchapter.
(b) A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under this subchapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this subchapter.
(c) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
(d) Except as provided in subsection (e), a transferor may not terminate a custodial trust.
(e) The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
(f) Any person may augment existing custodial trust property by the addition of other property pursuant to this subchapter.
(g) The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
(h) This subchapter does not displace or restrict other means of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-402
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 28-72-402. This identifies an authority to review, not proof of applicability.