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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 46. Alaska Uniform Transfers to Minors Act
- Section 110. Care of Custodial Property.
previous: Section 100
. Validity and Effect of Transfer.
next: Section 120
. Powers of Custodian.
AS 13.46.110. Care of Custodial Property.
- (a) A custodian shall
- (1) take control of custodial property;
- (2) register or record title to custodial property if appropriate; and
- (3) collect, hold, manage, invest, and reinvest custodial property.
- (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent
person dealing with property of another and is not limited by any other statute, except AS 13.90.010
, restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the
basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a
custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain custodial
property received from a transferor.
- (c) A custodian may invest in or pay premiums on life insurance or endowment policies on
- (1) the life of the minor only if the minor or the minor's estate is the sole beneficiary; or
- (2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's
estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary.
- (d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner
sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided
interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property
subject to recordation is so identified if it is recorded, and custodial property subject to registration is so
identified if it is either registered, or held in an account designated, in the name of the custodian, followed in
substance by the words: "as a custodian for (name of minor) under the Alaska Uniform Transfers to Minors
- (e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary
for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by
a parent or legal representative of the minor or by the minor if the minor has attained the age of 14 years.
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