(a) If AS 13.38.380 (a)(3), (4), or (6) applies to a trustee and there is more than one trustee, a co-trustee to whom the provision does not apply may convert the trust, unless the exercise of the power by the remaining trustee is prohibited by the governing instrument.
(b) If AS 13.38.380 (a)(3), (4), or (6) applies to all the trustees, the trustees may petition the court to direct a conversion. In the alternative, the trustees may appoint an independent person who shall be granted the authority, while acting in a fiduciary capacity, to make decisions in place of the trustees relating to a conversion, reconversion, and the exercise of discretionary powers under AS 13.38.340.
Section: Previous 13.38.310 13.38.320 13.38.330 13.38.340 13.38.350 13.38.360 13.38.370 13.38.380 13.38.390 13.38.400 13.38.410 13.38.420 13.38.430 13.38.435 NextLast modified: November 15, 2016