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28-76-116. Office of trust director. [Effective January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
28-76-116. Office of trust director. [Effective January 1, 2020.]
Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:
(1) acceptance under § 28-73-701;
(2) giving of bond to secure performance under § 28-73-702;
(3) reasonable compensation under § 28-73-708;
(4) resignation under § 28-73-705;
(5) removal under § 28-73-706; and
(6) vacancy and appointment of successor under § 28-73-704.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-76-116
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:28-76-116
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c0ba105408d6e32fd4950dbde98f156ec27f23057c2d1fd0ff25e4695fba35fb
Source location: content.xml paragraph 14939
Stored source content
28-76-116. Office of trust director. [Effective January 1, 2020.]
Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:
(1) acceptance under § 28-73-701;
(2) giving of bond to secure performance under § 28-73-702;
(3) reasonable compensation under § 28-73-708;
(4) resignation under § 28-73-705;
(5) removal under § 28-73-706; and
(6) vacancy and appointment of successor under § 28-73-704.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-701. Accepting or declining trusteeship.
(a) Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:
(1) by substantially complying with a method of acceptance provided in the terms of the trust; or
(2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(b) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
(c) A person designated as trustee, without accepting the trusteeship, may:
(1) act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and
(2) inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-701
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 28-73-701. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-702. Trustee's bond.
(a) A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(b) A court may specify the amount of a bond, its liabilities, and whether sureties are necessary. A court may modify or terminate a bond at any time.
(c) A regulated financial service institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-702
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 28-73-702. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-705. Resignation of trustee.
(a) A trustee may resign:
(1) upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or
(2) with the approval of a court.
(b) In approving a resignation, a court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
(d) Subsection (a) applies only to irrevocable trusts created on or after September 1, 2005, and to revocable trusts which become irrevocable on or after September 1, 2005.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-705
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 28-73-705. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-708. Compensation of trustee.
(a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
(b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:
(1) the duties of the trustee are substantially different from those contemplated when the trust was created; or
(2) the compensation specified by the terms of the trust would be unreasonably low or high.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-708
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 28-73-708. This identifies an authority to review, not proof of applicability.