9-26-213. Powers of custodian.

Arkansas Code — all titles (historical 2020) · legal_authorities

9-26-213. Powers of custodian. (a) A custodian, acting in a custodial capacity, shall have all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from liability for breach of § 9-26-212.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-213

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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Arkansas Code — all titles (historical 2020) · legal_authorities

9-26-212. Care of custodial property.

9-26-212. Care of custodial property. (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor. (c) A custodian may invest in or pay premiums on life insurance or endowment policies on (i) the life of the minor only if the minor or the minor's estate is the sole beneficiary, or (ii) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary. (d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest shall be so identified if it is recorded, and custodial property subject to registration shall be so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: “as a custodian for (name of minor) under the Arkansas Uniform Transf

Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-212

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 9-26-212. This identifies an authority to review, not proof of applicability.