reglab/housing_qa huggingface dataset:
AK Stat § 13.36.170 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.170. Unenforceable oral trust created by deed.

(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 trustee's successor in interest, except to the extent that the successor in interest is a bona fide purchaser of a legal interest in the real property, shall convey the interest in real property to the settlor or the settlor's successor in interest. A court having jurisdiction may prescribe the conditions for conveying the interest to the settlor or the settlor's successor in interest. (b) If the intended trustee of an unenforceable trust under (a) of this section transfers part or all of the trustee's interest and the interest is transferred to a bona fide purchaser, the intended trustee is liable to the settlor or the settlor's successor in interest for the value, at the time of the transfer, of the interest transferred, less any offsets that a court determines to be equitable.
AK Stat § 13.36.175 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.175. Action on contract against trustee in representative capacity.

(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 by execution on the trust property. (b) In an action under this section, the plaintiff is not required to prove that the trustee could have been reimbursed from the trust fund if the trustee had paid the plaintiff's claim. (c) A beneficiary or, in the case of a charitable trust, the attorney general and a corporation that is a beneficiary or agent in the performance of the charitable trust, may intervene in an action under this section and contest the right of the plaintiff to recover. (d) A judgment may not be rendered in favor of the plaintiff in an action under this section unless the plaintiff proves that, within 30 days after the beginning of the action or within another period set by the court and more than 30 days before obtaining the judgment, the plaintiff has notified each of the beneficiaries who is known to the trustee and who then has a present interest in the existence and nature of the action, or, in the case of a charitable trust, the attorney general of this state and a corporation that is a beneficiary or agent in the performance of the charitable trust. The notice shall be given by mailing copies of the notice with postage prepaid to the beneficiaries at their last known addresses. The trustee shall furnish the plaintiff with a list of names and addresses of the beneficiaries within 10 days after the plaintiff makes a written demand for the list. Notification of the persons on the list constitutes compliance with the duty placed on the plaintiff by this section. (e) The plaintiff in an action under this section may also hold the trustee who made the contract personally liable on the contract if the contract does not exclude the trustee's personal liability. In a contract action under this section, the addition of the word “trustee” or the words “as trustee” after the signature of a trustee to a contract creates a presumption, which may only be rebutted by clear and convincing evidence otherwise, of an intent to exclude the trustee from personal liability, and, unless the presumption is rebutted, the trustee is not personally liable under the contract.
AK Stat § 13.36.180 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.180. Exoneration or reimbursement for tort.

(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 the trustee or an officer or employee of the trustee was not guilty of personal fault in incurring the liability. (b) If a trustee has incurred personal liability for a tort committed in the administration of the trust and that tort increases the value of the trust property, the trustee is entitled to exoneration or reimbursement to the extent of the increase in value as a result of the tort even though the trustee would not otherwise be entitled to exoneration or reimbursement. (c) Nothing in this section shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of the trustees or their employees.
AK Stat § 13.36.185 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.185. Tort liability of trust.

(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 trustee's predecessor, or an officer or employee of the trustee or the trustee's predecessor, was not guilty of personal fault in incurring the liability; or (2) although the tort does not fall under (1) of this subsection, the tort increased the value of the trust property. (b) If the tort is within (a)(1) of this section, the full amount of proven damages may be collected from the trust property. (c) If the tort is within (a)(2) of this section, collection may not be made from the trust property except to the extent of the increase in the value of the trust property. (d) A beneficiary may intervene in an action under this section and contest the right of the plaintiff to recover. (e) In an action against the trustee in the trustee's representative capacity under this section, the plaintiff is not required to prove that the trustee could have secured reimbursement from the trust fund if the trustee paid the plaintiff's claim. (f) A judgment may not be rendered in favor of the plaintiff in an action under this section unless the trustee proves that within 30 days after the beginning of the action, or within another period set by the court and more than 30 days before obtaining the judgment, the trustee notifies each of the beneficiaries who is known to the trustee who then has a present interest in the existence and nature of the action. The notice shall be given by mailing copies of the notice with postage prepaid to the beneficiaries at their last known addresses. The trustee shall furnish the plaintiff with a list of names and addresses of the beneficiaries within 10 days after the plaintiff makes a written demand for the list. Notification of the persons on the list constitutes compliance with the duty placed on the plaintiff by this subsection. (g) Nothing in this section may be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of the trustees or their employees.
AK Stat § 13.36.190 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.190. Personal liability for tort committed by trustee.

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.
AK Stat § 13.36.192 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|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 the trust if the settlor reserved the power to amend the trust, (1) relieve the trustee from any or all of the duties, restrictions, and liabilities that would otherwise be imposed on the trustee by AS 13.36.105 - 13.36.220; (2) alter or deny to the trustee any or all of the privileges and powers conferred on the trustee by AS 13.36.105 - 13.36.220; or (3) add duties, restrictions, liabilities, privileges, or powers, to those imposed or granted by AS 13.36.105 - 13.36.220. (b) Notwithstanding (a) of this section, an act of the settlor may not relieve a trustee from the duties, restrictions, and liabilities imposed on the trustee by AS 13.36.140, 13.36.145, or 13.36.150.
AK Stat § 13.36.194 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.194. Power of beneficiary of trust.

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 trustee by AS 13.36.105 - 13.36.220, except for the duties, restrictions, and liabilities imposed by AS 13.36.140 - 13.36.150. The beneficiary may release the trustee from liability to the beneficiary for past violations of AS 13.36.105 - 13.36.220.
AK Stat § 13.36.196 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.196. Relieving trustee of duties, restrictions, and liability; power of the court.

A court of competent jurisdiction may, for cause shown and on notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions that would otherwise be placed on the trustee by AS 13.36.105 - 13.36.220 or wholly or partly excuse a trustee who has acted honestly and reasonably from liability for violations of AS 13.36.105 - 13.36.220.
AK Stat § 13.36.198 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.198. Consequences of violations.

If a trustee violates a provision of AS 13.36.105 - 13.36.220, the trustee may be removed as trustee under AS 13.36.076 and denied compensation in whole or in part, and a beneficiary, co-trustee, or successor trustee may treat the violation as a breach of trust.
AK Stat § 13.36.220 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 3. Trustees.|Sec. 13.36.220. Short title.

AS 13.36.105 - 13.36.220 may be cited as the Alaska Trusts Act.
AK Stat § 13.36.225 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. 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, restricted, eliminated, or otherwise altered by the direction of the settlor to the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
AK Stat § 13.36.230 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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 isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust. (c) Among circumstances that a trustee shall consider in investing and managing trust assets are those of the following that are relevant to the trust or its beneficiaries: (1) general economic conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences of investment decisions or strategies; (4) the role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property; (5) the expected total return from income and the appreciation of capital; (6) other resources of the beneficiaries; (7) needs for liquidity, regularity of income, and preservation or appreciation of capital; and (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries. (d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets. (e) A trustee may invest in any kind of property or type of investment consistent with the standards of AS 13.36.225 - 13.36.290. (f) A trustee who has special skills or expertise, or is named trustee in reliance on the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.
AK Stat § 13.36.235 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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.
AK Stat § 13.36.240 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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 requirements of AS 13.36.225 - 13.36.290.
AK Stat § 13.36.245 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|Sec. 13.36.245. Loyalty.

A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
AK Stat § 13.36.250 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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.
AK Stat § 13.36.260 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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.
AK Stat § 13.36.265 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|Sec. 13.36.265. Reviewing compliance.

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
AK Stat § 13.36.270 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|Sec. 13.36.270. Delegation of investment and management functions.

(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation. (b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. (c) A trustee who complies with the requirements of (a) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (d) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
AK Stat § 13.36.275 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|Sec. 13.36.275. Language invoking standard of AS 13.36.225 - 13.36.290.

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes an investment or strategy permitted under AS 13.36.225 - 13.36.290: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital,” “prudent man rule,” “prudent trustee rule,” “prudent person rule,” and “prudent investor rule.”
AK Stat § 13.36.280 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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) or of conservators under AS 13.26.500 that occur on or after May 23, 1998.
AK Stat § 13.36.285 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|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.
AK Stat § 13.36.290 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 4. Alaska Uniform Prudent Investor Act.|Sec. 13.36.290. Short title.

AS 13.36.225 - 13.36.290 may be cited as the Alaska Uniform Prudent Investor Act.
AK Stat § 13.36.300 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 36. Trust Administration|Article 5. Miscellaneous Provisions.|Sec. 13.36.300. Administration of certain trusts with respect to federal law.

(a) Except as specified in (b) of this section, in the administration of a trust that is a private foundation, as defined in 26 U.S.C. 509 (Internal Revenue Code of 1954), charitable trust, as described in 26 U.S.C. 4947(a)(1) (Internal Revenue Code of 1954), or split-interest trust, as described in 26 U.S.C. 4947(a)(2) (Internal Revenue Code of 1954), the trust instrument of the trust is considered to contain provisions prohibiting the trustee from (1) engaging in an act of self-dealing, as defined in 26 U.S.C. 4941(d) (Internal Revenue Code of 1954), that would give rise to liability for the tax imposed by 26 U.S.C. 4941(a) (Internal Revenue Code of 1954); (2) retaining excess business holdings, as defined in 26 U.S.C. 4943(c) (Internal Revenue Code of 1954), that would give rise to liability for the tax imposed by 26 U.S.C. 4943(a) (Internal Revenue Code of 1954); (3) making an investment that would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of 26 U.S.C. 4944 (Internal Revenue Code of 1954), so as to give rise to liability for the tax imposed by 26 U.S.C. 4944(a) (Internal Revenue Code of 1954); and (4) making taxable expenditures, as defined in 26 U.S.C. 4945(d) (Internal Revenue Code of 1954), that would give rise to liability for the tax imposed by 26 U.S.C. 4945(a) (Internal Revenue Code of 1954). (b) The provisions of (a) of this section do not apply either to those split-interest trusts or to amounts of them that are not subject to the prohibitions applicable to private foundations by reason of the provisions of 26 U.S.C. 4947 (Internal Revenue Code of 1954). (c) The trust instrument of each trust specified in (a) of this section, except a split-interest trust, is considered to contain a provision requiring the trustee to distribute, for the purposes specified in the trust instrument, for each taxable year of the trust, amounts at least sufficient to avoid liability for the tax imposed by 26 U.S.C. 4942(a) (Internal Revenue Code of 1954). (d) Nothing in this section limits the power of a person who creates a trust after August 23, 1971, or the power of a person who has retained or has been granted the right to amend a trust created before August 23, 1971, to include a specific provision in the trust instrument or an amendment to it that provides that some or all of the provisions of (a) and (b) of this section do not apply to the trust. (e) In this section, references to provisions of the Internal Revenue Code of 1954 include future amendments to those provisions.