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, an officer, or an employee of itself or an affiliate, and a noncorporate trustee may not lend trust funds to itself or to a relative, an employer, an employee, or a partner […]
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 is created by a writing, by oral statement to the trustee at the time of the creation of the trust if the trust is created orally, or by an amendment of […]
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 […]
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 trust to which an authorized trustee appoints the assets of the invaded trust under AS 13.36.157 may have a duration that is longer than the duration set out in the […]
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 appointed trust includes subsequently discovered assets of the invaded trust and undistributed principal of the invaded trust acquired after the appointment to the appointed trust; (2) a part but not […]
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, or other securities of an affiliate.