Arkansas § 15-56-406 - Trustee.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-56-406 — Trustee., with citation guidance and answers to common questions.
§ 15-56-406. Trustee.
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. 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. 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. The court may at any time require the trustee to execute an additional bond. The trustee shall: Faithfully account for all moneys coming into his or her hands; 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 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.
Frequently Asked Questions About Arkansas § 15-56-406
What does Arkansas Code of 1987 Annotated § 15-56-406 cover?
Section 15-56-406 ("Trustee.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-56-406?
A common citation format is "Arkansas Code of 1987 Annotated § 15-56-406" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-56-406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.