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AR HB1718
Bill
Status
4/20/2021
Primary Sponsor
Robin Lundstrum
Click for details
AI Summary
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Amends Arkansas Code § 28-73-505(c)(1)(C) to clarify that creditors may claim against irrevocable trusts to the extent property was subject to a limited power of appointment or general power of appointment held by another person.
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Adds new subdivision (4) to Arkansas Code § 28-73-505(c) defining "limited power of appointment" as any power of appointment that is not a general power of appointment.
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Applies to creditor claims against settlors as they relate to spendthrift and discretionary trusts.
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Bill was approved on April 20, 2021, and became Act 801 of the Regular Session.
Legislative Description
To Amend Provisions Of The Arkansas Trust Code Concerning Creditor Claims Against Property Held In Spendthrift And Discretionary Trusts.
Last Action
Notification that HB1718 is now Act 801
4/20/2021