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28-73-410. Modification or termination of trust — Proceedings for approval or disapproval.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-410. Modification or termination of trust — Proceedings for approval or disapproval.
(a) In addition to the methods of termination prescribed by §§ 28-73-411 — 28-73-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.
(b) A proceeding to approve or disapprove a proposed modification or termination under §§ 28-73-411 — 28-73-416, or trust combination or division under § 28-73-417, may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under § 28-73-411 may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under § 28-73-413.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-410
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:28-73-410
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4eb27ae16a5ecf1faf6c6748ddf5137d8b2af4edbc968bd920b118ff496531ff
Source location: content.xml paragraph 13226
Stored source content
28-73-410. Modification or termination of trust — Proceedings for approval or disapproval.
(a) In addition to the methods of termination prescribed by §§ 28-73-411 — 28-73-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.
(b) A proceeding to approve or disapprove a proposed modification or termination under §§ 28-73-411 — 28-73-416, or trust combination or division under § 28-73-417, may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under § 28-73-411 may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under § 28-73-413.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-411. Modification or termination of noncharitable irrevocable trust by consent.
(a)(1) A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust.
(2) A settlor's power to consent to a trust's modification or termination may be exercised by:
(A) an agent under a power of attorney only to the extent expressly authorized by the power of attorney or the terms of the trust;
(B) the settlor's conservator with the approval of the court supervising the conservatorship if an agent is not so authorized; or
(C) the settlor's guardian with the approval of the court supervising the guardianship if an agent is not so authorized and a conservator has not been appointed.
(b) A noncharitable irrevocable trust may be:
(1) terminated upon consent of all of the beneficiaries if a court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust; or
(2) modified upon consent of all of the beneficiaries if a court concludes that modification is not inconsistent with a material purpose of the trust.
(c) A spendthrift provision in the terms of the trust is presumed to constitute a material purpose of the trust.
(d) Upon termination of a trust under subsection (a) or (b), the trustee shall distribute the trust property as agreed by the beneficiaries.
(e) If not all of the beneficiaries consent to a proposed modification or termination of the trust under subsection (a) or (b), the modification or termination may be approved by a court if the court is satisfied that:
(1) if all of the beneficiaries had consented, the trust could have been modified or terminated under this sectio
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-411
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 28-73-411. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-414. Modification or termination of uneconomic trust.
(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than one hundred thousand dollars ($100,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b) A court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(d) This section does not apply to an easement for conservation or preservation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-414
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 28-73-414. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-416. Modification to achieve settlor's tax objectives.
To achieve the settlor's tax objectives, a court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-416
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 28-73-416. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-417. Combination and division of trusts.
(a)(1) After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust.
(2) A trustee may exercise the authority granted in this section without court approval.
(b) This section does not repeal the Trustee Division of Trusts Act, § 28-69-701 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-417
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. The source passage cites 28-73-417. This identifies an authority to review, not proof of applicability.