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28-73-704. Vacancy in trusteeship — Appointment of successor.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-704. Vacancy in trusteeship — Appointment of successor.
(a) A vacancy in a trusteeship occurs if:
(1) a person designated as trustee rejects the trusteeship;
(2) a person designated as trustee cannot be identified or does not exist;
(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trustee dies; or
(6) a guardian of the person or conservator is appointed for an individual serving as trustee.
(b) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in the terms of the trust to act as successor trustee;
(2) by a person appointed by unanimous agreement of the qualified beneficiaries; or
(3) by a person appointed by a court.
(d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in the terms of the trust to act as successor trustee;
(2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or
(3) by a person appointed by a court.
(e) Whether or not a vacancy in a trusteeship exists or is required to be filled, a court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-704
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:28-73-704
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 532bb8d74eff5cf32dd24d7e3b12dbbbcab64c795d2dbb08693f9de213b84bbd
Source location: content.xml paragraph 13571
Stored source content
28-73-704. Vacancy in trusteeship — Appointment of successor.
(a) A vacancy in a trusteeship occurs if:
(1) a person designated as trustee rejects the trusteeship;
(2) a person designated as trustee cannot be identified or does not exist;
(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trustee dies; or
(6) a guardian of the person or conservator is appointed for an individual serving as trustee.
(b) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in the terms of the trust to act as successor trustee;
(2) by a person appointed by unanimous agreement of the qualified beneficiaries; or
(3) by a person appointed by a court.
(d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in the terms of the trust to act as successor trustee;
(2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or
(3) by a person appointed by a court.
(e) Whether or not a vacancy in a trusteeship exists or is required to be filled, a court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
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