{"data":{"id":"us-ar/ark.-code-ann.-28-77-302","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 28-77-302","heading":"Application - Duties and remedies","body":"(a) Except as otherwise provided in subsection (b), this subchapter applies to: (1) an income trust, unless the terms of the trust expressly prohibit use of this subchapter by a specific reference to this subchapter or an explicit expression of intent that net income not be calculated as a unitrust amount; and (2) an express unitrust, except to the extent the terms of the trust explicitly: (A) prohibit use of this subchapter by a specific reference to this subchapter; (B) prohibit conversion to an income trust; or (C) limit changes to the method of calculating the unitrust amount. (b) This subchapter does not apply to a trust described in Section 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal Revenue Code of 1986, as amended, 26 U.S.C. Section 170(f)(2)(B) , 642(c)(5) , 664(d) , 2702(a)(3)(A)(ii) or (iii) , or 2702(b) , as amended. (c) An income trust to which this subchapter applies under subsection (a)(1) may be converted to a unitrust under this subchapter regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this subchapter does not affect other terms of the trust concerning distributions of income or principal. (d) This subchapter applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust's interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this subchapter. (e) This subchapter does not create a duty to take or consider action under this subchapter or to inform a beneficiary about the applicability of this subchapter. (f) A fiduciary that in good faith takes or fails to take an action under this subchapter is not liable to a person affected by the action or inaction. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.\n\n(a) Except as otherwise provided in subsection (b), this subchapter applies to: (1) an income trust, unless the terms of the trust expressly prohibit use of this subchapter by a specific reference to this subchapter or an explicit expression of intent that net income not be calculated as a unitrust amount; and (2) an express unitrust, except to the extent the terms of the trust explicitly: (A) prohibit use of this subchapter by a specific reference to this subchapter; (B) prohibit conversion to an income trust; or (C) limit changes to the method of calculating the unitrust amount.\n\n(1) an income trust, unless the terms of the trust expressly prohibit use of this subchapter by a specific reference to this subchapter or an explicit expression of intent that net income not be calculated as a unitrust amount; and\n\n(2) an express unitrust, except to the extent the terms of the trust explicitly: (A) prohibit use of this subchapter by a specific reference to this subchapter; (B) prohibit conversion to an income trust; or (C) limit changes to the method of calculating the unitrust amount.\n\n(A) prohibit use of this subchapter by a specific reference to this subchapter;\n\n(B) prohibit conversion to an income trust; or\n\n(C) limit changes to the method of calculating the unitrust amount.\n\n(b) This subchapter does not apply to a trust described in Section 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal Revenue Code of 1986, as amended, 26 U.S.C. Section 170(f)(2)(B) , 642(c)(5) , 664(d) , 2702(a)(3)(A)(ii) or (iii) , or 2702(b) , as amended.\n\n(c) An income trust to which this subchapter applies under subsection (a)(1) may be converted to a unitrust under this subchapter regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this subchapter does not affect other terms of the trust concerning distributions of income or principal.\n)(5) , 664(d) , 2702(a)(3)(A)(ii) or (iii) , or 2702(b) , as amended.\n\n(c) An income trust to which this subchapter applies under subsection (a)(1) may be converted to a unitrust under this subchapter regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this subchapter does not affect other terms of the trust concerning distributions of income or principal.\n\n(d) This subchapter applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust's interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this subchapter.\n\n(e) This subchapter does not create a duty to take or consider action under this subchapter or to inform a beneficiary about the applicability of this subchapter.\n\n(f) A fiduciary that in good faith takes or fails to take an action under this subchapter is not liable to a person affected by the action or inaction.","path":["AR Code","Title 28","Chapter 77","Subchapter 3"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"3bb868611fc19a47b07b942ab1f38af091a9ed5605deac169978ccd41e2609f1","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-28-77-301","next":"us-ar/ark.-code-ann.-28-77-303"},"notice":"GroundRules: Original legal text. Not legal advice."}