- Alaska Statutes.
- Title 37. Public Finance
- Chapter 14. Trust Funds
- Section 7. Authority as Trustee.
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. Responsibilities of the Legislature.
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. Trust Management.
AS 37.14.007. Authority as Trustee.
- (a) The Alaska Mental Health Trust Authority, established by AS 47.30.011, is the trustee of the trust established under
the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.
- (b) In exercising the powers, duties, and responsibilities as trustee, the authority is under a duty to the public and the
trust beneficiaries to
- (1) administer the trust consistent with AS 37.14.009
in the interest of the beneficiaries;
- (2) keep and render clear and accurate accounts with respect to the administration of the trust;
- (3) make public and available complete and accurate information as to the nature and amount of the trust property;
- (4) exercise a high degree of care in administering the trust;
- (5) take reasonable steps to take and keep control of the trust property;
- (6) use care and skill to preserve the trust property;
- (7) take reasonable steps to realize on claims that are held in trust;
- (8) defend against actions that may result in a loss to the trust estate, unless under all the circumstances, considering
the other duties owed to the trust, it is reasonable not to make the defense;
- (9) separately account for trust property;
- (10) ensure that trust property is designated as property of the trust;
- (11) use care and skill to make the trust property productive; however, nothing in this paragraph shall prevent the state
from using trust property directly or indirectly, by contractual stipulation or otherwise, as a component of the
state's mental health trust program; and
- (12) deal impartially with the different trust beneficiaries as provided in AS 47.30.056
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