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Current as of March 28, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-77-304. Notice - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-28-wills-estates-and-fiduciary-relationships/ar-code-sect-28-77-304/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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