Arkansas Code Title 9. Family Law § 9-26-207. Transfer by obligor

(c)(1) If a custodian has not been nominated under § 9-26-203, or all nominated custodians die before the transfer or are unable, decline, or are ineligible to serve as a custodian, a transfer under this section may be made on behalf of a minor beneficiary to the minor beneficiary's parent or legal guardian, or to a trust company unless the property exceeds ten thousand dollars ($10,000) in value except as provided under subdivision (c)(2) of this section.

(2) A survivor benefit due to a minor by the Arkansas Teacher Retirement System under § 24-7-710(c) may be paid on behalf of a minor beneficiary to the minor beneficiary's parent, legal guardian, or legal custodian or to a trust company unless the value of the survivor benefit exceeds twenty thousand dollars ($20,000) per year.

(3) The Arkansas Teacher Retirement System is not liable for any misuse of funds paid on behalf of a minor beneficiary to a minor beneficiary's parent, legal guardian, or legal custodian under subdivision (c)(2) of this section.