§ 28-77-304 — Notice

Arkansas § 28-77-304

• Jurisdiction: Arkansas
• Title: 28

Text

(a) A notice required by § 28-77-303(b)(2) must be sent in a manner authorized under § 28-73-109 to: (1) the qualified beneficiaries determined under § 28-73-103 , other than the Attorney General; and (2) each person acting as trust director of the trust under the Uniform Directed Trust Act, § 28-76-101 et seq. (b) The representation provisions of §§ 28-73-301 - 28-73-305 apply to notice under this section. (c) A person may consent in a record at any time to action proposed under § 28-77-303(b)(2) . A notice required by § 28-77-303(b)(2) need not be sent to a person that consents under this subsection. (d) A notice required by § 28-77-303(b)(2) must include: (1) the action proposed under § 28-77-303(b)(2) ; (2) for a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under § 28-77-303(a)(1) ; (3) for a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under § 28-77-303(a)(2) ; (4) a statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary; (5) the date by which an objection under paragraph (4) must be received by the fiduciary, which must be at least 30 days after the date the notice is sent; (6) the date on which the action is proposed to be taken and the date on which the action is proposed to take effect; (7) the name and contact information of the fiduciary; and (8) the name and contact information of a person that may be contacted for additional information.

Legislative History

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.