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9-26-222. Effect on existing custodianships.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-222. Effect on existing custodianships.
(a) Any transfer of custodial property as now defined in this subchapter made before March 21, 1985, shall be validated notwithstanding that there was no specific authority in the Arkansas Uniform Gifts to Minors Act [repealed] for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(b) This subchapter shall apply to all transfers made before March 21, 1985, in a manner and form prescribed in the Arkansas Uniform Gifts to Minors Act [repealed], except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on March 21, 1985.
(c) Sections 9-26-201 and 9-26-220, with respect to the age of a minor for whom custodial property is held under this subchapter, shall not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of majority under prior law and before March 21, 1985.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-222
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:9-26-222
Source file: gov.ar.code.title.09.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b75b0c07132bfde26da35e65c83f6033771b9aebaea249b2b74a25d1f404786b
Source location: content.xml paragraph 13809
Stored source content
9-26-222. Effect on existing custodianships.
(a) Any transfer of custodial property as now defined in this subchapter made before March 21, 1985, shall be validated notwithstanding that there was no specific authority in the Arkansas Uniform Gifts to Minors Act [repealed] for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(b) This subchapter shall apply to all transfers made before March 21, 1985, in a manner and form prescribed in the Arkansas Uniform Gifts to Minors Act [repealed], except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on March 21, 1985.
(c) Sections 9-26-201 and 9-26-220, with respect to the age of a minor for whom custodial property is held under this subchapter, shall not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of majority under prior law and before March 21, 1985.
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Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-201. Definitions.
As used in this subchapter:
(1) “Adult” means an individual who has attained the age of twenty-one (21) years.
(2) “Benefit plan” means an employer's plan for the benefit of an employee or partner.
(3) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.
(4) “Conservator” means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
(5) “Court” means any circuit court of competent jurisdiction.
(6) “Custodial property” means (i) any interest in property transferred to a custodian under this subchapter; and (ii) the income from and proceeds of that interest in property.
(7) “Custodian” means a person so designated under § 9-26-209 or successor or substitute custodian designated under § 9-26-218.
(8) “Financial institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
(9) “Legal representative” means an individual's personal representative or conservator.
(10) “Member of the minor's family” means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(11) “Minor” means an individual who has not attained the age of twenty-one (21) years.
(12) “Person” means an individual, corporation, organization, or other legal entity.
(13) “Personal representative” means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-201
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 9-26-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-220. Termination of custodianship.
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(1) the minor's attainment of twenty-one (21) years of age with respect to custodial property transferred under § 9-26-204 or § 9-26-205, except that any transferor may have custodial property transferred to the minor at any time after the age of eighteen (18) years and before twenty-one (21) years by a designation in the following words or their equivalent: “The custodian shall transfer this property to (name of minor) when (he or she) reaches the age of (age, after eighteen (18) years and before twenty-one (21) years, at which transfer takes place)”;
(2) the minor's attainment of age eighteen (18) years with respect to custodial property transferred under § 9-26-206 or § 9-26-207; or
(3) the minor's death.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-220
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 9-26-220. This identifies an authority to review, not proof of applicability.