§ 23-47-804 - Removal of accounts from operation of substitution agreement -- Denial of substitution. - Arkansas Statutes

23-47-804. Removal of accounts from operation of substitution agreement -- Denial of substitution.

(a) A fiduciary account may be removed from the operation of the agreement by an amendment to the agreement filed with the Bank Commissioner before the effective date stated in the agreement.

(b) The substitution of a subsidiary trust company or national trust company as fiduciary of an account may be denied if the court having jurisdiction, on notice and hearing, determines that the substitution of fiduciary is a material detriment to the account or to the beneficiaries of the account.

(c) Subsection (b) of this section is cumulative to any applicable provision for removal of a fiduciary or appointment of a successor fiduciary under Arkansas law or in the instrument creating the fiduciary relationship.

(d) In any proceeding under this section, the court may award costs and reasonable and necessary attorney's fees as the court considers equitable and just.