Arkansas § 24-9-205 Bank accounts

Arkansas Statutes

§ 24-9-205 — Bank accounts

Arkansas § 24-9-205

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This text of Arkansas § 24-9-205 (Bank accounts) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 24-9-205 (2026).

Text

When the governing body of a trust deposits money of that trust in a commercial bank account or in a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met:

(1)Funds must be deposited into the account in the name of the trust;

(2)Withdrawals from the account, whether by check or warrant, shall require the signatures of the chair and the treasurer of the board of the trust; and (3) (A) The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office.

(B)The bond shall be filed in the office of the board of trustees.

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When the governing body of a trust deposits money of that trust in a commercial bank account or in a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met: (1) Funds must be deposited into the account in the name of the trust; (2) Withdrawals from the account, whether by check or warrant, shall require the signatures of the chair and the treasurer of the board of the trust; and (3) (A) The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office. (B) The bond shall be filed in the office of the board of trustees.