§ 28-73-105 — Default and mandatory rules

Arkansas § 28-73-105

• Jurisdiction: Arkansas
• Title: 28

Text

(a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of this chapter except: (1) the requirements for creating a trust; (2) subject to §§ 28-76-109 , 28-76-111 , and 28-76-112 of the Uniform Directed Trust Act, § 28-76-101 et seq., the duty of a trustee to act in good faith and in accordance with the purposes of the trust; (3) the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve; (4) the power of a court to modify or terminate a trust under §§ 28-73-410 - 28-73-416 ; (5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in § 28-73-501 et seq.; (6) the power of a court under § 28-73-702 to require, dispense with, or modify or terminate a bond; (7) the power of a court under § 28-73-708(b) to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high; (8) the rights under §§ 28-73-1010 - 28-73-1013 of a person other than a trustee or beneficiary; (9) periods of limitation for commencing a judicial proceeding; (10) the power of a court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and (11) the subject-matter jurisdiction of a court for commencing a proceeding as provided in § 28-73-203 .

Legislative History

Amended by Act 2019, No. 1021,§ 2, eff. 1/1/2020. Acts 2005, No. 1031, § 1.