Arkansas § 28-72-405 Transfer to custodial trustee by fiduciary or obligor - Facility of payment

Arkansas Statutes

§ 28-72-405 — Transfer to custodial trustee by fiduciary or obligor - Facility of payment

(a)Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 28-72-403 , a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.

(b)A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.

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(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 28-72-403 , a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court. (b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.

Arkansas § 28-72-405 (Transfer to custodial trustee by fiduciary or obligor - Facility of payment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.