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Arkansas Code Title 15. Natural Resources and Economic Development § 15-56-406. Trustee

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) The trustee shall be under the continuing control of the circuit court. The court may remove the trustee at will, and upon the death, removal, or resignation of the trustee, the court may appoint his or her successor.

(b) The trustee, by and with the consent and approval of the court, may invest the funds coming into his or her hands in those securities into which guardians are authorized to invest the moneys of their wards.

(c) As compensation for his or her services, the trustee shall be allowed whatever sum the court may fix, not exceeding five percent (5%) of moneys collected by him or her.

(d) The court may at any time require the trustee to execute an additional bond.

(e) The trustee shall:

(1) Faithfully account for all moneys coming into his or her hands;

(2) File annual written verified reports of his or her accounts as trustee with the court of his or her appointment for its approval or rejection; and

(3) Upon the death of the life tenant, pay over to the persons then entitled thereto all of the moneys so accrued, together with any investment thereof, upon order of the circuit court.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-56-406. Trustee - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-56-406/

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