Arkansas § 28-72-602 Settlement of trust

Arkansas Statutes

§ 28-72-602 — Settlement of trust

Arkansas § 28-72-602

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This text of Arkansas § 28-72-602 (Settlement of trust) 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. § 28-72-602 (2026).

Text

(a)A qualified spousal trust may include a trust term that is not inconsistent with the provisions of this subchapter, including without limitation a discretionary power to distribute trust property to a person other than a settlor.

(b)(1) Unless otherwise provided in writing by each settlor who transfers property to a qualified spousal trust, property that is held at any time in a qualified spousal trust, without regard to how the property was titled before the property was held:

(A)Has the same immunity from the claim of a separate creditor of either settlor as if the property were held outside the qualified spousal trust by both settlors as tenants by the entirety; and (B) Shall be treated as tenants by entirety property for the purpose of immunity from federal and state bankruptcy l

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(a) A qualified spousal trust may include a trust term that is not inconsistent with the provisions of this subchapter, including without limitation a discretionary power to distribute trust property to a person other than a settlor. (b) (1) Unless otherwise provided in writing by each settlor who transfers property to a qualified spousal trust, property that is held at any time in a qualified spousal trust, without regard to how the property was titled before the property was held: (A) Has the same immunity from the claim of a separate creditor of either settlor as if the property were held outside the qualified spousal trust by both settlors as tenants by the entirety; and (B) Shall be treated as tenants by entirety property for the purpose of immunity from federal and state bankruptcy laws. (2) Property that is held in a qualified spousal trust is not immune from the claim of a creditor if the marriage of the settlors dissolves.