Sec. 13.60.170. Methods and forms for creating custodial trusts.
(a) If a transaction, including a declaration with respect to specific property or a transfer of specific property, otherwise satisfies applicable law, the criteria of AS 13.60.010 are satisfied by (1) the execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form: TRANSFER UNDER THE ALASKA UNIFORM […]
Sec. 13.60.180. Applicable law.
(a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this […]
Sec. 13.60.190. Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
Sec. 13.60.900. Definitions.
In this chapter, (1) “adult” means an individual who is at least 18 years of age; (2) “beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter; (3) “conservator” means a person appointed or […]
Sec. 13.60.990. Short title.
This chapter may be cited as the Alaska Uniform Custodial Trust Act.
Sec. 13.60.110. Liability to third person.
(a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by […]
Sec. 13.60.120. Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee.
(a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor’s legal representative. If an event giving rise to a transfer has not occurred, the substitute custodial trustee designated under AS 13.60.020 becomes the custodial trustee, […]
Sec. 13.60.130. Expenses, compensation, and bond of custodial trustee.
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee (1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; (2) has a noncumulative election, to be made no later than six […]
Sec. 13.60.140. Reporting and accounting by custodial trustee; determination of liability of custodial trustee.
(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (1) once each year; (2) upon request at reasonable times by the beneficiary or the beneficiary’s legal representative; (3) […]
Sec. 13.60.150. Limitations of action against custodial trustee.
(a) Except as provided in (c) of this section, and unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative […]