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28-76-108. Duty and liability of trust director. [Effective January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
28-76-108. Duty and liability of trust director. [Effective January 1, 2020.]
(a) Subject to subsection (b), with respect to a power of direction or further power under § 28-76-106(b)(1):
(1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
(A) if the power is held individually, as a sole trustee in a like position and under similar circumstances; or
(B) if the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and
(2) the terms of the trust may vary the director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
(b) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this chapter to provide health care in the ordinary course of the director's business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this chapter.
(c) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-76-108
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:28-76-108
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0fa8be989172f81aab78a01c2a29ca99f85a637c648922b282ee5f190d8aac35
Source location: content.xml paragraph 14845
Stored source content
28-76-108. Duty and liability of trust director. [Effective January 1, 2020.]
(a) Subject to subsection (b), with respect to a power of direction or further power under § 28-76-106(b)(1):
(1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
(A) if the power is held individually, as a sole trustee in a like position and under similar circumstances; or
(B) if the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and
(2) the terms of the trust may vary the director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
(b) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this chapter to provide health care in the ordinary course of the director's business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this chapter.
(c) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-76-106. Powers of trust director. [Effective January 1, 2020.]
(a) Subject to § 28-76-107, the terms of a trust may grant a power of direction to a trust director.
(b) Unless the terms of a trust provide otherwise:
(1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the director under subsection (a); and
(2) trust directors with joint powers must act by majority decision.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-76-106
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 28-76-106. This identifies an authority to review, not proof of applicability.