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Arkansas Code of 1987 (2023)
Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28)
Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803)
Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106)
Subchapter 5 - CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 28-73-501 — 28-73-507)
Section 28-73-502 - Spendthrift provision
Universal Citation:
AR Code § 28-73-502 (2023)
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- (a) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
- (b) A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust", or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
- (c) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this subchapter, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
Acts 2005, No. 1031, § 1.
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