Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 36. Trust Administration
- Section 390. Definitions.
previous: Section 375
. Trustee Advisor.
next: Chapter 38
. Principal and Income of Trusts
AS 13.36.390. Definitions.
In this chapter,
- (1) "party in interest" means, if the trust is
- (A) revocable and if the settlor is incapacitated, the settlor's legal representative under applicable law or the
settlor's agent under a durable power of attorney; or
- (B) irrevocable,
- (i) each trustee serving at the time;
- (ii) each beneficiary entitled to receive a mandatory distribution of income or principal from a trust or, if a beneficiary
entitled to receive a mandatory distribution of income or principal from a trust is not 19 years of age or is
incapacitated, the beneficiary's legal representative under applicable law or the beneficiary's agent under a durable
power of attorney; and
- (iii) each vested remainder beneficiary in existence at the time or, if a vested remainder beneficiary is not 19 years of
age or is incapacitated, the vested remainder beneficiary's legal representative under applicable law or the vested
remainder beneficiary's agent under a durable power of attorney.
- (2) "qualified person" means
- (A) an individual who, except for brief intervals, military service, attendance at an educational or training institution,
or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does
not have a present intention of moving from this state, and who has the intention of returning to this state when away;
- (B) a trust company that is organized under AS 06.26 and that has
its principal place of business in this state; or
- (C) a bank that is organized under AS 06.05, or a national banking
association that is organized under 12 U.S.C. 21 - 216d, if the bank or national banking association possesses and
exercises trust powers and has its principal place of business in this state;
- (3) "settlor" means a person who transfers property in trust and includes a person who furnishes the property transferred
to a trust even if the trust is created by another person.
- (4) "state jurisdiction provision" means a provision that the laws of this state govern the validity, construction, and
administration of a trust and that the trust is subject to the jurisdiction of this state.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.