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28-76-105. Exclusions. [Effective January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
28-76-105. Exclusions. [Effective January 1, 2020.]
(a) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
(b) This chapter does not apply to a:
(1) power of appointment;
(2) power to appoint or remove a trustee or trust director;
(3) power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(4) power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(A) the beneficiary; or
(B) another beneficiary represented by the beneficiary under § 28-73-301 et seq. with respect to the exercise or nonexercise of the power; or
(5) power over a trust if:
(A) the terms of the trust provide that the power is held in a nonfiduciary capacity; and
(B) the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986, as amended.
(c) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-76-105
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:28-76-105
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: def9ce7e20d1cd69019fe61e8a8567f81bc476baac545f3dab7d479b97c9a2a9
Source location: content.xml paragraph 14805
Stored source content
28-76-105. Exclusions. [Effective January 1, 2020.]
(a) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
(b) This chapter does not apply to a:
(1) power of appointment;
(2) power to appoint or remove a trustee or trust director;
(3) power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(4) power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(A) the beneficiary; or
(B) another beneficiary represented by the beneficiary under § 28-73-301 et seq. with respect to the exercise or nonexercise of the power; or
(5) power over a trust if:
(A) the terms of the trust provide that the power is held in a nonfiduciary capacity; and
(B) the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986, as amended.
(c) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-301. Representation — Basic effect.
(a) Notice to a person who may represent and bind another person under this subchapter has the same effect as if notice were given directly to the other person.
(b) The consent of a person who may represent and bind another person under this subchapter is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(c) Except as otherwise provided in §§ 28-73-411 and 28-73-602, a person who under this subchapter may represent a settlor who lacks capacity may receive notice and give a binding consent on the settlor's behalf.
(d) A settlor may not represent and bind a beneficiary under this subchapter with respect to the termination or modification of a trust under § 28-73-411(a).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-301
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 28-73-301. This identifies an authority to review, not proof of applicability.