(a) If at least one qualified person serves as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035 (c), then the following persons also may serve as trustees even though they are not qualified persons:
(1) individuals who do not reside in the state;
(2) trust companies that have their principal place of business outside the state and that are not organized under AS 06.26; and
(3) banks that have their principal place of business outside the state or that are not organized under AS 06.05.
(b) Notwithstanding other provisions of law to the contrary, a trustee who is not a qualified person is not considered to be engaging in business in this state solely by reason of serving as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035 (c).
Section: Previous 13.36.300 13.36.310 13.36.320 13.36.330 13.36.335 13.36.338 13.36.340 13.36.345 13.36.350 13.36.355 13.36.360 13.36.365 13.36.368 13.36.370 13.36.375 NextLast modified: November 15, 2016