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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 36. Trust Administration
- Section 135. Holding Stock in Name of Nominee.
previous: Section 130
. Failure of Beneficiary to Present Claim For Payment.
next: Section 140
. Loan of Trust Funds.
AS 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.
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