If a beneficiary for whom a trust bank account is created under AS 13.36.125 does not present the beneficiary’s claim to the bank for payment within one year after the claim is due, the depositor who created the trust may revoke the trust as to the beneficiary.
(a) A trustee of a trust owning stocks, bonds, notes, debentures, or other written obligations of a public or private corporation may hold the obligations in the name of a nominee, without mention of the trust in the records of the corporation or in the stock certificate or stock registration book of the corporation, if […]
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 […]
(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 […]
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 […]
(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 […]
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 […]
(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 […]
(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 […]
(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 […]
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.
If a person who is a trustee of two or more trusts mingles the funds of two or more trusts in the same aggregate of cash or in the same bank or brokerage account or other investment, and if a withdrawal is made from the cash aggregate, account, or investment by the trustee for the […]
(a) Unless a governing instrument specifically refers to this section and provides otherwise, a trustee who makes an election under 26 U.S.C. 2056, 2056A, or 2523 (Internal Revenue Code), or who makes an allocation under 26 U.S.C. 2632 (Internal Revenue Code), may benefit personally from the election or allocation and is not required to reimburse […]
(a) When an interest in real property is conveyed by deed to a person in a trust that is unenforceable under AS 09.25.010 – 09.25.020 and the intended trustee or the trustee’s successor in interest holds title but refuses to carry out the trust because of AS 09.25.010 – 09.25.020, the intended trustee or the […]
(a) When a trustee makes a contract that is within the trustee’s powers as trustee or when a predecessor trustee has made a contract within the predecessor trustee’s powers as trustee and a cause of action arises on the contract, the party in whose favor the cause of action has accrued may collect the judgment […]
(a) A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration for the liability from the trust property if the trustee has not discharged the claim, or to reimbursement for the liability out of trust funds if the trustee has paid the claim, if […]
(a) If a trustee or a predecessor of the trustee incurs personal liability for a tort committed in the course of the trustee’s administration, the trustee in the trustee’s representative capacity may be sued and collection made from the trust property if the court determines in the tort action that (1) the trustee or the […]
A trustee may be held personally liable for a tort committed by the trustee, or by the trustee’s agents or employees in the course of their agency or employment, subject to the rights of exoneration or reimbursement under AS 13.36.180.
(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 […]
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 […]
