Section 06.26.010. Persons authorized to act as fiduciaries.

   (a) Notwithstanding other provisions of law and except as provided in AS 06.26.020, a person may not act as a fiduciary in this state unless the person is
        (1) a trust company organized under this chapter;
        (2) a private trust company that has received an exemption under AS 06.26.200;
        (3) a state financial institution;
        (4) a national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary;
        (5) a federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
        (6) an international bank that has a branch bank in this state established or maintained under AS 06.05.550; in this paragraph, "international bank" has the meaning given in AS 06.05.990;
        (7) an interstate national bank with a branch bank in this state established or maintained under AS 06.05.550; in this paragraph, "interstate national bank" means a national bank whose principal office, as designated in the bank's articles of incorporation, is not located in this state;
        (8) an entity that
             (A) is organized under the laws of a state of the United States other than this state;
             (B) holds a charter, license, certificate, or other type of authorization from this or another state of the United States to engage in banking; and
             (C) has a branch bank located in this state established or maintained under AS 06.05.550;
        (9) an interstate state trust company or international trust company with a trust office authorized by the department under AS 06.26.810 - 06.26.895;
        (10) a trustee of only charitable trusts, does not offer fiduciary services to the general public with regard to noncharitable trusts, and observes the requirements applicable to trustees under AS 13.36.225 - 13.36.290 (Alaska Uniform Prudent Investor Act); or
        (11) a federally chartered credit union having its principal office in this state and authorized by the National Credit Union Administration to act as a fiduciary.
   (b) In this section, "branch bank" has the meaning given in AS 06.05.990.

Authorities

6.26.040; 6.26.370

Notes

References

AS 6.26.040 .040">Sec. 06.26.040. Name of trust company.
AS 6.26.370 .370">Sec. 06.26.370. Deposits of trust assets.

History

(Sec. 2 ch 77 SLA 2002)