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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 20. Exemptions.
previous: Section 10
. Persons Authorized to Act as Fiduciaries.
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. Location of Operation.
AS 06.26.020. Exemptions.
- (a) Notwithstanding any other provision of this chapter, a person does not act as a fiduciary under this chapter if the
- (1) is licensed to practice law in this state, the person is acting within the scope of the license, and the person and
any law firm of the person are not trustees of more trusts than the number established for the person and law firm by
the department by regulation or order; in this paragraph, "law firm" means a partnership, a professional corporation
organized under AS 10.45, or another association organized for
the practice of law and in which the person practices law;
- (2) acts as trustee under a deed of trust delivered only as security for the payment of money or for the performance of
- (3) receives and distributes on behalf of a principal rents and proceeds of sales as a real estate broker or other
licensee under AS 08.88;
- (4) engages in securities business activity or investment advisory business activity as a registered broker-dealer, a
broker-dealer agent, a state investment adviser, or an investment adviser representative, or as a federal covered
adviser who has made a notice filing under AS 45.55.040(h), the person is acting within the scope of
the person's registration or notice filing, and the activity is regulated by the department under AS 45.55 or by the United States Securities and Exchange Commission; in
this paragraph, "agent," "broker-dealer," "federal covered adviser," "investment adviser representative," "investment
advisory business," "securities business," and "state investment adviser" have the meanings given in AS 45.55.990
- (5) engages in the sale and administration of an insurance product as an insurance company licensed under AS 21 or an insurance producer licensed under AS 21 and is acting within the scope of that license;
- (6) handles escrow transactions and is a title insurance company that has a certificate of authority issued under AS 21.09, a title insurance limited producer that is licensed as
required by AS 21.66.270
, or an employee of the title insurance company or title insurance producer when acting in the scope of the employee's
employment; in this paragraph,
- (A) "escrow transaction" has the meaning given in AS 34.80.090
- (B) "title insurance company" has the meaning given in AS 21.66.480
- (C) "title insurance limited producer" has the meaning given in AS 21.66.480;
- (7) is a cemetery association organized and acting under AS 10.30;
- (8) is a trustee for a voting trust under AS 10.06 and is acting in
- (9) has a certified public accountant license issued under AS 08.04.105 or 08.04.195, the person is acting within the scope of the
the person and any accounting firm of the person are not trustees of more trusts than the number established for the
person and accounting firm by the department by regulation or order; in this paragraph, "accounting firm" means a
partnership, a professional corporation organized under AS 10.45,
or another association organized for the practice of public accounting and in which the person practices public
- (10) holds real property in trust for the primary purpose of subdivision, development, or sale or to facilitate a business
transaction with respect to the real property;
- (11) serves as a trustee of a trust created by the person's family members;
- (12) holds money or other assets as a homeowners' association or similar organization to pay maintenance and other related
costs for commonly owned property; in this paragraph, "homeowners' association" includes an association of apartment
owners under AS 34.07.450
and a unit owners' association or master association under AS 34.08.990
- (13) holds money or other assets in connection with the collection of debts or payments on loans by a person acting solely
as the agent or representative at the sole direction of the person to whom the debt or payment is owed, including
engaging in the business of an escrow agent;
- (14) acts as a conservator if the person is appointed by a court of this or another state or is qualified to act as a
conservator under AS 13.26.320;
- (15) acts as a personal representative if the person is appointed a personal representative by a court of this or another
state or is qualified to act as a personal representative under AS 13.21.035
- (16) acts as a guardian or receiver if the person is appointed as a guardian or receiver by a court of this or another
- (17) is a business partner acting with regard to the business, or a co-owner of property acting with regard to the co-owned
- (18) serves as a trustee of one or more trusts in which the settlor is not a family member of the person, except that the
person may not at any one time serve as a trustee for trusts that cumulatively have more than 10 different settlors;
however, the department may change by regulation or order the maximum number of settlors allowed for this exemption; in
this paragraph, a husband and wife who create a joint trust are considered to be one settlor.
- (b) When establishing the number of trusts that are allowed for an exemption under (a)(1) or (9) of this section or when
changing the maximum number of settlors that are allowed for an exemption under (a)(18) of this section, the department
shall consider the protection of the public, the effect on efficient delivery of trust services at a reasonable cost,
and the likelihood that the particular exemption can make the trust services available to the persons who need the
- (c) In addition to the exemptions identified in (a) of this section, the department may by regulation or order grant an
exemption to a person if the person demonstrates good cause for needing the exemption and the department determines
that the exemption would not conflict with public order or convenience.
- (d) In addition to any other requirements established for the exemption, to maintain an exemption under this section, a
person who is exempt under (a) or (c) of this section may not offer fiduciary services to the general public.
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