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9-26-206. Other transfer by fiduciary.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-206. Other transfer by fiduciary.
(a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 9-26-209, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) Subject to subsection (c) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 9-26-209.
(c) A transfer under subsection (a) or (b) of this section may be made only if (i) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor, (ii) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (iii) the transfer is authorized by the court if it exceeds ten thousand dollars ($10,000) in value.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-206
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:9-26-206
Source file: gov.ar.code.title.09.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 887a040735d8c5638c264c072402d7d870c5829ffe8f628825a23e934055af48
Source location: content.xml paragraph 13662
Stored source content
9-26-206. Other transfer by fiduciary.
(a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 9-26-209, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) Subject to subsection (c) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 9-26-209.
(c) A transfer under subsection (a) or (b) of this section may be made only if (i) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor, (ii) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (iii) the transfer is authorized by the court if it exceeds ten thousand dollars ($10,000) in value.
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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.