Alaska Statutes Title 13, Chapter 13.36, Article 03 - Trustees

• Sec. 13.36.070 General Duty Not Limited.
  Except as specifically provided, the general duty of the trustee to administer a trust expeditiously for the benefit of the beneficiaries is not altered...
• Sec. 13.36.071 Accepting or Rejecting Trusteeship.
  (a) Except as otherwise provided in (c) or (d) of this section, a person designated as a trustee accepts the trusteeship(1) by substantially complying...
• Sec. 13.36.072 Co-Trustees.
  (a) Except as otherwise provided in the trust instrument,(1) co-trustees who are unable to reach a unanimous decision may decide to act by majority...
• Sec. 13.36.073 Vacancy in Trusteeship; Appointment of Successor.
  (a) Except as otherwise provided in the trust instrument, a vacancy in a trusteeship occurs if(1) a person designated as a trustee rejects the...
• Sec. 13.36.074 Resignation of Trustee.
  (a) Except as otherwise provided in the trust instrument, a trustee may resign(1) not less than 30 days after providing written notice of the...
• Sec. 13.36.075 Trustee's Standard of Care and Performance. [Repealed, Sec. 4 Ch 43 Sla 1998].
  Repealed or Renumbered
• Sec. 13.36.076 Removal of Trustee.
  (a) A trustee may be removed from office(1) by the decision of a trust protector under AS 13.36.370 (b)(1);(2) by the decision of another...
• Sec. 13.36.077 Delivery of Property by Former Trustee.
  Except as otherwise provided in the trust instrument,(1) unless a co-trustee remains or the court otherwise orders, and until the trust property is delivered...
• Sec. 13.36.078 Reimbursement of Expenses.
  Except as otherwise provided in the trust instrument,(1) a trustee is entitled to be reimbursed out of the trust property, with interest as appropriate,...
• Sec. 13.36.079 Certification of Trust; Penalty.
  (a) Except as otherwise provided in the trust instrument, instead of furnishing a copy of the trust instrument to a person other than a...
• Sec. 13.36.080 Duty to Inform and Account to Beneficiaries.
  (a) The trustee shall keep the beneficiaries of the trust reasonably informed of the trust and its administration. In addition,(1) within 30 days after...
• Sec. 13.36.085 Bonding.
  A trustee need not provide bond to secure performance of the trustee's duties unless required by the terms of the trust, reasonably requested by...
• Sec. 13.36.090 Trustee's Duty; Appropriate Place of Administration; Deviation.
  A trustee is under a continuing duty to administer the trust at a place appropriate to the purposes of the trust and to its...
• Sec. 13.36.095 Personal Liability of Trustee to Third Parties.
  (a) [Repealed, Sec. 22 ch 105 SLA 1998]. (b) Subject to AS 13.36.105 - 13.36.220, a trustee is personally liable for obligations arising from...
• Sec. 13.36.100 Limitations on Proceedings Against Trustees.
  (a) Unless resolved or barred under (b) or (c) of this section, and notwithstanding the lack of adequate disclosure, all claims against a trustee...
• Sec. 13.36.105 Powers Attached to the Office of Trustee.
  Unless otherwise provided by the trust instrument, an amendment of the trust instrument, or a court order, the powers of a trustee are attached...
• Sec. 13.36.107 General Powers.
  (a) Without authorization by a court, a trustee may exercise the powers conferred by the terms of the trust and, except as limited by...
• Sec. 13.36.109 Specific Powers of Trustees.
  Except as otherwise provided by this chapter, in addition to the powers conferred by the terms of the trust, a trustee may perform all...
• Sec. 13.36.110 Liability of Trustee Relating to Exercise of Power.
  A dissenting trustee who has joined another trustee in exercising a power is not liable to the beneficiaries or to others for the consequences...
• Sec. 13.36.120 Voting of Corporate Stock Owned by Trustee.
  A trustee of a trust owning corporate stock is liable for a loss resulting to the beneficiaries from a failure to use reasonable care...
• Sec. 13.36.125 Creation of Trust Bank Account to Pay Special Debts.
  Whenever a bank account is, by entries made on the books of the depositor and the bank at the time of the deposit, created...
• Sec. 13.36.130 Failure of Beneficiary to Present Claim for Payment.
  If a beneficiary for whom a trust bank account is created under AS 13.36.125 does not present the beneficiary's claim to the bank for...
• Sec. 13.36.135 Holding Stock in Name of Nominee.
  (a) A trustee of a trust owning stocks, bonds, notes, debentures, or other written obligations of a public or private corporation may hold the...
• Sec. 13.36.140 Loan of Trust Funds.
  Except as provided in AS 13.36.145 , a corporate trustee may not lend trust funds to itself or an affiliate, or to a director,...
• Sec. 13.36.145 Corporate Trustee Depositing Trust Funds With Itself.
  (a) A corporate trustee that is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds that are...
• Sec. 13.36.150 Trustee Leasing, Buying, or Selling to or From Itself or a Related Person.
  A trustee, unless expressly authorized by the trust instrument, may not directly or indirectly lease, buy, or sell property for the trust from or...
• Sec. 13.36.153 Restrictions on Exercising Certain Trustee Powers.
  (a) Notwithstanding AS 13.36.107 , a trustee who is not an independent trustee may not exercise a power to make or cause to be...
• Sec. 13.36.155 Permitted Sales Between Trusts Held by Same Corporate Trustee.
  If the transaction is fair to both trusts and if the transaction is not prohibited by the instruments creating the trustee relationship, a corporate...
• Sec. 13.36.157 Exercise of Power of Appointment.
  (a) An authorized trustee with unlimited discretion to invade trust principal may appoint part or all of that principal to a trustee of an...
• Sec. 13.36.158 Additional Provisions Relating to Exercise of a Power of Appointment.
  (a) An exercise of the power to invade trust principal under AS 13.36.157 is the exercise of a special power of appointment.(b) The appointed...
• Sec. 13.36.159 Implementation of Power of Appointment.
  (a) Unless the authorized trustee provides otherwise, the appointment of(1) all of the assets making up the principal of the invaded trust to an...
• Sec. 13.36.160 Corporate Trustee Buying Its Own or an Affiliate's Securities.
  A corporate trustee may not purchase for a trust shares of its own stock, or its bonds, or other securities, or the stock, bonds,...
• Sec. 13.36.165 Withdrawals From Mingled Trust Funds.
  If a person who is a trustee of two or more trusts mingles the funds of two or more trusts in the same aggregate...
• Sec. 13.36.169 Elections to Qualify Property for Marital Deduction and Generation-Skipping Transfer Tax Allocations.
  (a) Unless a governing instrument specifically refers to this section and provides otherwise, a trustee who makes an election under 26 U.S.C. 2056, 2056A,...
• Sec. 13.36.170 Unenforceable Oral Trust Created by Deed.
  (a) When an interest in real property is conveyed by deed to a person in a trust that is unenforceable under AS 09.25.010 -...
• Sec. 13.36.175 Action on Contract Against Trustee in Representative Capacity.
  (a) When a trustee makes a contract that is within the trustee's powers as trustee or when a predecessor trustee has made a contract...
• Sec. 13.36.180 Exoneration or Reimbursement for Tort.
  (a) A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration for the...
• Sec. 13.36.185 Tort Liability of Trust.
  (a) If a trustee or a predecessor of the trustee incurs personal liability for a tort committed in the course of the trustee's administration,...
• Sec. 13.36.190 Personal Liability for Tort Committed by Trustee.
  A trustee may be held personally liable for a tort committed by the trustee, or by the trustee's agents or employees in the course...
• Sec. 13.36.192 Power of Settlor of Trust.
  (a) The settlor of a trust affected by AS 13.36.105 - 13.36.220 may, by provision in the instrument creating the trust if the trust...
• Sec. 13.36.194 Power of Beneficiary of Trust.
  A beneficiary of a trust affected by AS 13.36.105 - 13.36.220 may, if the beneficiary has full legal capacity and acts on full information,...
• Sec. 13.36.196 Relieving Trustee of Duties, Restrictions, and Liability; Power of the Court.
  A court of competent jurisdiction may, for cause shown and on notice to the beneficiaries, relieve a trustee from any or all of the...
• Sec. 13.36.198 Consequences of Violations.
  If a trustee violates a provision of AS 13.36.105 - 13.36.220, the trustee may be removed as trustee under AS 13.36.076 and denied compensation...
• Sec. 13.36.215 Definitions.
  (a) In AS 13.36.105 - 13.36.220, unless the context or subject matter otherwise requires,(1) "affiliate" means a person directly or indirectly controlling or controlled...
• Sec. 13.36.220 Short Title.
  AS 13.36.105 - 13.36.220 may be cited as the Alaska Trusts Act.

Last modified: November 15, 2016