Section 13.36.320. Nonqualified persons serving as trustees.

   (a) If at least one qualified person serves as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035(c), then the following persons also may serve as trustees even though they are not qualified persons:
        (1) individuals who do not reside in the state;
        (2) trust companies that have their principal place of business outside the state and that are not organized under AS 06.26; and
        (3) banks that have their principal place of business outside the state or that are not organized under AS 06.05.
   (b) Notwithstanding other provisions of law to the contrary, a trustee who is not a qualified person is not considered to be engaging in business in this state solely by reason of serving as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035(c).

Notes

History

(Sec. 15 ch 105 SLA 1998; am Sec. 4 ch 77 SLA 2002)