Sec. 13.36.280. Application.
(a) AS 13.36.225 – 13.36.290 apply to trusts existing on and created after May 23, 1998. As applied to trusts existing on May 23, 1998, AS 13.36.225 – 13.36.290 govern only decisions or actions occurring after May 23, 1998. (b) AS 13.36.225 – 13.36.290 govern only decisions or actions of personal representatives under AS 13.16.350(a) […]
Sec. 13.36.285. Uniformity of application and construction.
AS 13.36.225 – 13.36.290 shall be applied and construed to carry out their general purpose to make uniform the law with respect to the subject of those sections among the states that enact them.
Sec. 13.36.290. Short title.
AS 13.36.225 – 13.36.290 may be cited as the Alaska Uniform Prudent Investor Act.
Sec. 13.36.225. Prudent investor rule.
(a) Except as otherwise provided in (b) of this section and AS 13.36.273, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set out in AS 13.36.230 – 13.36.290. (b) The prudent investor rule, a default rule, may be expanded, […]
Sec. 13.36.230. Standard of care; portfolio strategy; risk and return objectives.
(a) A trustee shall invest and manage trust assets as a prudent investor would by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A trustee’s investment and management decisions respecting individual assets shall be evaluated not in […]
Sec. 13.36.235. Diversification.
A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
Sec. 13.36.240. Duties at inception of trusteeship.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the […]
Sec. 13.36.245. Loyalty.
A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
Sec. 13.36.250. Impartiality.
If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
Sec. 13.36.260. Investment costs.
In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.