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, by written instrument delivered to the trustee, relieve the trustee, as regards the beneficiary, from any or all of the duties, restrictions, and liabilities that would otherwise be imposed on the […]
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 duties and restrictions that would otherwise be placed on the trustee by AS 13.36.105 – 13.36.220 or wholly or partly excuse a trustee who has acted honestly and reasonably from liability […]
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 in whole or in part, and a beneficiary, co-trustee, or successor trustee may treat the violation as a breach of trust.
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 by another person or a person under direct or indirect common control with another person, including a person with whom a trustee has an express or implied agreement regarding the […]
Sec. 13.36.220. Short title.
AS 13.36.105 – 13.36.220 may be cited as the Alaska Trusts Act.
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 being held out of necessity pending investment, distribution, or payment of debts if the corporate trustee (1) pays into the trust for the deposit the interest the corporate trustee is required […]
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 to (1) itself or an affiliate; (2) a director, an officer, or an employee of the trustee or an affiliate; or (3) a relative, an employer, or a partner or other […]
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 made a discretionary distribution of either principal or income (1) to or for the direct or indirect benefit of the trustee individually or to any person holding a power to remove and […]
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 trustee may sell to itself as trustee of a trust the following held by the corporate trustee as trustee for another trust: (1) stocks, bonds, and other securities listed on a […]
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 appointed trust for, and only for the benefit of, one or more current beneficiaries of the invaded trust to the exclusion of other current beneficiaries. A permissible appointee of a power […]