28-72-602. Settlement of trust.

Arkansas Code — all titles (historical 2020) · legal_authorities

28-72-602. Settlement of trust.

28-72-602. Settlement of trust. (a) A qualified spousal trust may include a trust term that is not inconsistent with the provisions of this subchapter, including without limitation a discretionary power to distribute trust property to a person other than a settlor. (b)(1) Unless otherwise provided in writing by each settlor who transfers property to a qualified spousal trust, property that is held at any time in a qualified spousal trust, without regard to how the property was titled before the property was held: (A) Has the same immunity from the claim of a separate creditor of either settlor as if the property were held outside the qualified spousal trust by both settlors as tenants by the entirety; and (B) Shall be treated as tenants by entirety property for the purpose of immunity from federal and state bankruptcy laws. (2) Property that is held in a qualified spousal trust is not immune from the claim of a creditor if the marriage of the settlors dissolves.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-602

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.