Browse Arkansas Code titles and sections
28-72-601. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-601. Definitions.
As used in this subchapter:
(1) “Property” means an interest in any type of property that is:
(A) Held in a qualified spousal trust;
(B) Income earned from property held in a qualified spousal trust; and
(C) Property into which the interest, proceeds, or income earned from property held in a qualified spousal trust may be converted; and
(2) “Qualified spousal trust” means a trust that:
(A) At the time of its creation has two (2) settlors who are married to each other; and
(B) Includes terms requiring that during the joint lives of the settlors, all property transferred to or held by the trustee shall be held and administered:
(i) In one (1) trust for the benefit of both settlors and allows:
(a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and
(b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor;
(ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows:
(a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and
(b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or
(iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-601
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:28-72-601
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 177badbdda5d0aea75b3cc119739c9cb202ec5045b2b11fa6e92b82a7a1e716e
Source location: content.xml paragraph 12681
Stored source content
28-72-601. Definitions.
As used in this subchapter:
(1) “Property” means an interest in any type of property that is:
(A) Held in a qualified spousal trust;
(B) Income earned from property held in a qualified spousal trust; and
(C) Property into which the interest, proceeds, or income earned from property held in a qualified spousal trust may be converted; and
(2) “Qualified spousal trust” means a trust that:
(A) At the time of its creation has two (2) settlors who are married to each other; and
(B) Includes terms requiring that during the joint lives of the settlors, all property transferred to or held by the trustee shall be held and administered:
(i) In one (1) trust for the benefit of both settlors and allows:
(a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and
(b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor;
(ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows:
(a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and
(b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or
(iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
No explicit source connection was found. This does not mean there are no relevant authorities.