§ 15-73-306 — Trustee

Arkansas § 15-73-306

• Jurisdiction: Arkansas
• Title: 15

Text

(a) The trustee shall be under the continuing control of the circuit court. (b) The court may remove the trustee at will, and on the death, removal from the county, or resignation of the trustee, the court may appoint his or her successor. (c) The trustee, by and with the consent and approval of the court, may invest the funds coming into his or her hands in such securities as guardians are authorized to invest the moneys of their wards. (d) The trustee shall be allowed as compensation for his or her services such sum as the court may fix, not exceeding five percent (5%) of moneys collected by him or her. (e) The court may at any time require the trustee to execute an additional bond. (f) The trustee shall faithfully account for all moneys coming into his or her hands and upon the death of the life tenant shall pay over to the person or persons then entitled thereto all of the moneys so accrued upon order of the chancery court.

Legislative History

Acts 1929, No. 76, § 7; Pope's Dig., § 1806; A.S.A. 1947, § 53-309.