reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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, of the court in which the trust is registered and of the trustee's name and address;
(2) upon reasonable request, the trustee shall provide the beneficiary with a copy of the terms of the trust that describe or affect the beneficiary's interest and with relevant information about the assets of the trust and the particulars relating to the administration;
(3) upon reasonable request, a beneficiary is entitled to a statement of the accounts of the trust annually and on termination of the trust or change of the trustee.
(b) The settlor of a trust may exempt a trustee from the duties under (a) of this section to provide notification or information regarding the trust to a beneficiary who is not entitled to a mandatory distribution of income or principal from the trust on an annual or more frequent basis. The settlor may provide the exemption by provision in the instrument creating the trust if the trust is created by a writing, by an amendment of the trust if the settlor reserved the power to amend the trust, or by a written document after the trust is created. The exemption may not exceed in duration the shorter of the settlor's lifetime or a judicial determination of the settlor's incapacity.
(c) If a settlor provides for an exemption under (b) of this section and a beneficiary with a future interest
(1) who is not a beneficiary entitled to a mandatory distribution of income or principal from the trust on an annual or more frequent basis receives a distribution, the trustee shall provide notification or information limited to the accounting period during which the distribution was made;
(2) becomes a beneficiary entitled to a mandatory distribution of income or principal from the trust on an annual or more frequent basis, the trustee shall provide notification and information as required under AS 13.16 and (a) of this section.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 represented. On petition of the trustee or other interested person, the court may excuse a requirement of bond, reduce the amount of the bond, release the surety, or permit the substitution of another bond with the same or different sureties. If bond is required, it shall be filed in the court of registration or other appropriate court in amounts and with sureties and liabilities as provided in AS 13.16.260 and 13.16.270 relating to bonds of personal representatives.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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, release of registration, removal of the trustee under AS 13.36.076, and appointment of a trustee in another state. Trust provisions relating to the place of administration and to changes in the place of administration or of trustee control unless compliance would be contrary to efficient administration or the purposes of the trust.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 contracts entered into by a trustee in a fiduciary capacity, on obligations arising from ownership or control of the trust estate, or on torts committed in the course of trust administration may be asserted against the trust estate by proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for them.
(d) The question of liability as between the trust estate and the trustee individually may be determined in a proceeding for accounting surcharge or indemnification or other appropriate proceeding.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 the terms of the trust that restrict the exercise of powers;
(2) confer on a trustee additional powers, whether or not the powers are authorized by the terms of the trust; or
(3) restrict the exercise of a power otherwise given to the trustee by the terms of the trust or this chapter.
(c) The grant of a power to a trustee, whether under the terms of the trust, this chapter, or a court, does not alone govern the exercise of the power.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 presented in writing to a co-trustee and a legally competent beneficiary or, if the beneficiary is a minor or an incompetent person, the representative of the beneficiary. A trustee who is not authorized to exercise a power is not liable to the beneficiaries or to others for
(1) the exercise by a co-trustee of the power; or
(2) the failure to exercise that power.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 declare otherwise, the depositor is considered a trustee of the account for the creditors to be paid from the account, subject to any power of revocation that the depositor may have reserved by agreement with the bank.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › Sec. 13.36.130. Failure of beneficiary to present claim for payment.

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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › Sec. 13.36.135. Holding stock in name of nominee.

(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
(1) the trust records and all reports or accounts rendered by the trustee clearly show the ownership of the stocks, bonds, notes, debentures, or other written obligations of the public or private corporation by the trustee and the facts regarding the holding by the trustee; and
(2) the nominee deposits with the trustee a signed statement showing the trust ownership, endorses the stock certificate or other title instruments for the obligations in blank, and does not have possession of or access to the stock certificate or other title instruments for the obligations except under the immediate supervision of the trustee.
(b) A trustee holding obligations under (a) of this section is personally liable for a loss to the trust resulting from an act of the nominee in connection with the stocks, bonds, notes, debentures, or other written obligations held under (a) of this section.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 or other business associate.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 by state or federal law to pay on uninvested trust funds or, if there is not a state or federal law requiring the payment of interest, at the same rate of interest the corporate trustee pays on similar nontrust deposits; and
(2) maintains in its trust department as security for the deposit a separate fund consisting of securities that are legal for trust investments and that are at all times equal in total market value to the amount of the deposit, except that the security is not required to the extent that the deposit is insured or given a preference by state or federal law.
(b) The separate fund of securities required by (a)(2) of this section shall be marked as a separate fund for (a)(2) of this section. Withdrawals from or additions to the separate fund may be made from time to time, as long as the required value is maintained. The income of the securities in the separate fund belongs to the corporate trustee. In the statements of its financial condition published or delivered to the Department of Commerce, Community, and Economic Development, the corporate trustee shall show as separate items the amount of trust funds that it has deposited with itself and the amount of securities that it holds as security for the payment of the deposits.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 business associate.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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 securities exchange supervised by the United States Securities and Exchange Commission; and
(2) obligations of the United States treasury and obligations of United States government agencies.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › 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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › Sec. 13.36.165. Withdrawals from mingled trust funds.

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 trustee's own benefit, for the benefit of a third person who is not a beneficiary or creditor of one or more of the trusts, or for an unknown purpose, the withdrawal must be charged first to the amount of the personal cash, credit, or other property, if any, of the trustee in the mingled fund, and, after the exhaustion of the trustee's cash, credit, or other property, then to the several trusts in proportion to their several interests in the cash, credit, or other property in the cash aggregate, account, or investment at the time of the withdrawal. Nothing in this section is intended to authorize the mingling of trust funds.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 3. Trustees. › Sec. 13.36.169. Elections to qualify property for marital deduction and generation-skipping transfer tax allocations.

(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 another person interested in the election or allocation, to make an equitable adjustment, or to treat interested persons impartially with respect to the election or allocation.
(b) Unless a governing instrument specifically refers to this section and provides otherwise, if an election is made under 26 U.S.C. 2056, 2056A, or 2523 (Internal Revenue Code), if an allocation is made under 26 U.S.C. 2632 (Internal Revenue Code), or if division of a trust benefits the persons interested in the trust, the trustee may divide the trust into two or more separate trusts of equal or unequal value if the terms of the separate resulting trusts are substantially identical to the terms of the trust before the division. The allocation of assets must be based on the fair market value of the assets at the time of the division.
(c) Except as provided in (d) of this section, this section applies to
(1) a trust that is created on or after August 9, 2000; or
(2) the decisions and actions of a trust that is in existence on August 9, 2000 if the decisions are made or actions occur on or after August 9, 2000.
(d) The application provisions of (c) of this section do not apply if
(1) the terms of the trust, including the terms as amended, expressly provide that this section does not apply and either specifically refer to this section or otherwise clearly demonstrate the intent that this section does not apply; or
(2) the trust is irrevocable and all parties in interest elect not to be subject to the application of this section; an election under this paragraph must be made on or before January 1, 2003, or three years after the date on which the trust becomes irrevocable, whichever date is later; however, notwithstanding AS 13.36.080, the trustee does not have a duty to inform the parties in interest of this election; the election allowed under this paragraph must be made by a written declaration delivered to the trustee.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.”
2023 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.
2023 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.
2023 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.
2023 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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 5. Miscellaneous Provisions. › Sec. 13.36.310. Challenges to trusts.

(a) Except as provided in AS 34.40.110(b), a trust that is covered by AS 13.36.035(c) or that is otherwise governed by the laws of this state, or a property transfer to a trust that is covered by AS 13.36.035(c) or that is otherwise governed by the laws of this state, is not void, voidable, liable to be set aside, defective in any fashion, or questionable as to the settlor's capacity, and the assets of the trust are not subject to the claim of a creditor of the settlor or a creditor of a beneficiary, on the grounds that the trust or transfer avoids or defeats a right, claim, or interest conferred by law on a person by reason of a personal or business relationship with the settlor or beneficiary or by way of a marital or similar right.
(b) If a trust or a property transfer to a trust is voided or set aside under AS 34.40.110(b), then the trust or property transfer shall be voided or set aside only to the extent necessary to satisfy the settlor's debt to the creditor or other person at whose instance the trust or property transfer is voided or set aside and the costs and attorney fees allowed under the rules of court.
(c) If a trust or a property transfer to a trust is voided or set aside under (a) of this section, and if the court is satisfied that the trustee has not acted in bad faith in accepting or administering the property that is the subject of the trust,
(1) the trustee has a first and paramount lien against the property that is the subject of the trust in an amount equal to the entire cost, including attorney fees, properly incurred by the trustee in a defense of the action or proceedings to void or set aside the trust or the property transfer;
(2) the trust or property transfer that is voided or set aside is subject to the proper fees, costs, preexisting rights, claims, and interest of the trustee and any predecessor trustee that have not acted in bad faith; and
(3) the beneficiary, including the settlor, may retain a distribution made by exercising a trust power or discretion vested in the trustee of the trust, if the power or discretion was properly exercised before the commencement of the action or proceeding to void or set aside the trust or property transfer.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 5. Miscellaneous Provisions. › Sec. 13.36.320. Nonqualified persons serving as trustees.

(a) If at least one qualified person serves as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035(c), then the following persons also may serve as trustees even though they are not qualified persons:
(1) individuals who do not reside in the state;
(2) trust companies that have their principal place of business outside the state and that are not organized under AS 06.26; and
(3) banks that have their principal place of business outside the state or that are not organized under AS 06.05.
(b) Notwithstanding other provisions of law to the contrary, a trustee who is not a qualified person is not considered to be engaging in business in this state solely by reason of serving as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035(c).
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 5. Miscellaneous Provisions. › Sec. 13.36.330. Penalty clause.

A provision in an inter vivos or testamentary trust purporting to penalize a beneficiary by charging the beneficiary's interest in the trust, or to penalize the beneficiary in another manner, for instituting a proceeding to challenge the acts of the trustee or other fiduciary of a trust, or for instituting other proceedings relating to the trust, is enforceable even if probable cause exists for instituting the proceedings.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 5. Miscellaneous Provisions. › Sec. 13.36.335. Application of special distribution provisions.

The asset distribution provisions of AS 13.16.540 - 13.16.545, 13.16.560, and the provisions of AS 13.38 apply to the administration of a revocable trust following the death of the settlor of the trust, unless the terms of the trust indicate a different intention.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 5. Miscellaneous Provisions. › Sec. 13.36.338. Presumption of revocability.

(a) Unless a trust is expressly made irrevocable, a trust executed on or after August 30, 2000 is revocable by the settlor.
(b) Notwithstanding AS 13.36.035 - 13.36.050, this section applies only if the
(1) settlor is domiciled in this state when the trust is created;
(2) trust instrument is executed in this state; or
(3) trust provides that the law of this state governs the trust.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 36. Trust Administration › Article 5. Miscellaneous Provisions. › Sec. 13.36.340. Modification and revocation of revocable trusts.

(a) A trust that is revocable by the settlor may be modified or revoked in whole or in part by
(1) substantial compliance with a method of modification or revocation provided in the trust instrument; or
(2) a writing, other than a will, signed by the settlor and delivered to the trustee during the lifetime of the settlor, except that, if the trust instrument expressly makes the method of revocation provided in the trust instrument the exclusive method of revocation, the trust may not be revoked under this paragraph.
(b) Unless otherwise provided in the trust instrument, if a trust that is revocable by the settlor is created by or funded by more than one settlor,
(1) the trust may be modified or revoked as provided in AS 34.77.100 to the extent the trust consists of community property under AS 34.77 (Alaska Community Property Act);
(2) each settlor may modify or revoke the trust as to the portion of the trust property contributed by that settlor that is not community property under AS 34.77.
(c) A revocable trust may not be modified or revoked by an attorney-in-fact under a power of attorney unless the modification or revocation is expressly permitted by the trust instrument.