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 by AS 13.06 – AS 13.36.
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 with a method of acceptance provided by the terms of the trust; or (2) if the terms of the trust do not provide a method, or the method provided in […]
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 decision; (2) if a vacancy occurs in a co-trusteeship, the remaining co-trustee or co-trustees may continue to act for the trust with full authority; (3) a co-trustee shall participate in […]
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 trusteeship or is considered to have rejected the trusteeship under AS 13.36.071; (2) a person designated as a trustee cannot be identified or does not exist; (3) a trustee resigns; […]
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 intent to resign to the qualified beneficiaries and all co-trustees; or (2) with the approval of the court. (b) In approving the resignation of a trustee, the court may issue […]
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 person specified in the trust instrument; (3) under a procedure specified in the trust instrument; (4) by a court on petition by the settlor, a co-trustee, a qualified beneficiary, or […]
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 to a successor trustee or another person entitled to the trust property, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary […]
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, for (A) expenses that were properly incurred in the administration of the trust; and (B) expenses that were not properly incurred in the administration of the trust to the extent […]
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 beneficiary, the trustee may furnish to the person a certification of trust containing the following information: (1) that the trust exists and the date the trust instrument was executed; (2) the […]
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 acceptance of the trust, the trustee shall inform in writing the current beneficiaries and, if possible, one or more persons who under AS 13.06.120 may represent beneficiaries with future interests, […]
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 a beneficiary, or found by the court to be necessary to protect the interests of the beneficiaries who are not able to protect themselves and whose interests otherwise are not adequately […]
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 sound, efficient management. If the principal place of administration becomes inappropriate for any reason, the court may enter any order furthering efficient administration and the interests of beneficiaries, including, if appropriate, […]
Sec. 13.36.095. Personal liability of trustee to third parties.
(a) [Repealed, § 22 ch 105 SLA 1998.] (b) Subject to AS 13.36.105 – 13.36.220, a trustee is personally liable for obligations arising from ownership or control of property of the trust estate or for torts committed in the course of administration of the trust estate only if personally at fault. (c) Claims based on […]
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 who has issued a report received by the beneficiary and who has informed the beneficiary of the location and availability of records for examination by the beneficiary are barred unless a […]
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 to the office and are not personal.
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 the terms of the trust, the powers conferred by this chapter. (b) This chapter does not affect the power of a court to (1) relieve a trustee from provisions contained in […]
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 actions necessary to accomplish the proper management, investment, and distribution of the trust property, including the power (1) to collect, hold, and retain trust property received from a settlor or another […]
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 of the exercise of the power if the dissenting trustee joins because of a requirement for unanimous trustee consent to the exercise of the power. The dissenting trustee’s dissent must be […]
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 in deciding how to vote the stock and in voting the stock only if personally at fault.
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 exclusively for the purpose of paying dividends, interest, interest coupons, salaries, wages, or pensions or other employee benefits, and the depositor at the time of opening the account does not expressly […]