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9-26-205. Transfer authorized by will or trust.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-205. Transfer authorized by will or trust.
(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 9-26-209 to a custodian for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian under § 9-26-203 to receive the custodial property, the transfer must be made to that person.
(c) If the testator or settlor has not nominated a custodian under § 9-26-203, or all persons so nominated as a custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under § 9-26-209.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-205
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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Stable record: arkansas_code:legal_authorities:9-26-205
Source file: gov.ar.code.title.09.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fafefc02527f50100fd19c07383977e07a105d55eafc1773917dbb4c1a05a9ce
Source location: content.xml paragraph 13655
Stored source content
9-26-205. Transfer authorized by will or trust.
(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 9-26-209 to a custodian for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian under § 9-26-203 to receive the custodial property, the transfer must be made to that person.
(c) If the testator or settlor has not nominated a custodian under § 9-26-203, or all persons so nominated as a custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under § 9-26-209.
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Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-203. Nomination of custodian.
(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act.” The nomination may name one (1) or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under § 9-26-209(a).
(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under § 9-26-209. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to § 9-26-209.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-203
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 9-26-203. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-209. Manner of creating custodial property and effecting transfer — Designation of initial custodian — Control.
(a) Custodial property is created and a transfer is made whenever:
(1) an uncertificated security or a certificated security in registered form is either:
(i) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”; or
(ii) delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (b) of this section;
(2) money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”;
(3) the ownership of a life or endowment insurance policy or annuity contract is either:
(i) registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”; or
(ii) assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”;
(4) an irrevocable exercise of a power of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-209
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 9-26-209. This identifies an authority to review, not proof of applicability.