Section 06.26.050. Powers of trust company.

   (a) A trust company may perform any act as a fiduciary that a state financial institution, or a national bank exclusively exercising trust powers, may perform, including
        (1) acting as trustee under a written agreement;
        (2) receiving money and other property as trustee for investment in real or personal property;
        (3) acting as a trustee and performing the fiduciary duties committed or transferred to it by a court;
        (4) receiving money or other assets under AS 06.35;
        (5) acting as an executor, an administrator, or a trustee of the estate of a deceased person;
        (6) acting as a custodian, guardian, conservator, or trustee for a minor or an incapacitated person;
        (7) acting as a successor fiduciary to a depository;
        (8) receiving for safekeeping any type of personal property;
        (9) acting as a custodian, an assignee, a transfer agent, an escrow agent, a registrar, or a receiver;
        (10) acting as an investment adviser, an agent, or an attorney-in-fact in any agreed upon capacity;
        (11) exercising additional powers expressly authorized by a regulation adopted under this chapter; and
        (12) exercising an incidental power that is reasonably necessary to enable it to fully exercise the powers expressly conferred according to commonly accepted fiduciary customs and usage.
   (b) A trust company may exercise the powers of a business incorporated under the laws of this state that are reasonably necessary to enable the exercise of its specific powers under this chapter.
   (c) A trust company may contribute to community solicitations, or to charitable, philanthropic, or benevolent instrumentalities that operate to promote public welfare, amounts that its board considers appropriate and in the interests of the trust company.
   (d) Subject to AS 06.26.370, a trust company may deposit trust money or other assets with itself.
   (e) Subject to the approval of the department and to being insured by the Federal Deposit Insurance Corporation or its successor, a trust company may accept deposits from the public.
   (f) A trust company organized under this chapter may apply for a certificate of authority under AS 06.05.
   (g) A trust company organized under this chapter with a certificate of authority issued under AS 06.05 may exercise all powers granted to it under AS 06.05 to the extent the powers do not conflict with this chapter. A trust company with a certificate of authority issued under AS 06.05 is subject to all of the provisions of AS 06.05. In case of a conflict between the provisions of this chapter and AS 06.05, the provisions of this chapter apply.
   (h) In (a) of this section, "national bank exclusively exercising trust powers" means a person issued a charter by the United States Comptroller of the Currency if the charter confers only trust powers.

Notes

History

(Sec. 2 ch 77 SLA 2002)