Section 13.46.085. Native corporations; custodians.

   (a) The stock or membership in a corporation organized under the law of this state under 43 U.S.C. 1601 et seq. (Alaska Native Claims Settlement Act) that a minor is entitled to receive under that Act shall be held by a custodian.
   (b) A person making a transfer of stock, whether by gift, devise, or other method, may nominate a custodian. In the absence of a nomination, the custodian shall be determined under the order of priority set out below. The appointment becomes effective upon the corporation's receipt of the custodian's written consent to the appointment. The order of priority is:
        (1) the legal guardian, if any, of the minor;
        (2) a parent, if any, of the minor, as selected by the parents;
        (3) an adult member of the minor's family; in this paragraph, "member of the minor's family" has the meaning given in AS 13.46.990, and also includes members of a family with whom the minor has customarily lived.
   (c) For good cause, a district court or the superior court may vary the order of priority set out in (b) of this section or appoint another suitable person as custodian.
   (d) The custodianship is governed by this chapter, as modified by the following:
        (1)  [Repealed, Sec. 12 ch 60 SLA 1992].
        (2) under AS 13.46.150, a third person is responsible for determining whether stock is inalienable under the Act;
        (3) the custodian shall give an appropriate receipt for property received for the minor;
        (4) the custodian may not alienate inalienable property except within the limits provided by law;
        (5) the form of registration or title shall be "as custodian for __________________ (name of minor) under the Alaska Native Claims Settlement Act";
        (6) a custodian may not receive compensation except, upon application to and approval by the superior court, for unusual and extraordinary services;
        (7) custodial property includes securities, money, and other real and personal property under supervision as a consequence of the Act.
   (e) Notwithstanding AS 13.46.190, the stock shall be transferred to the minor when the minor reaches 18 years of age, or to the minor's heirs if the minor dies before reaching 18 years of age.
   (f) In this section,
        (1) "Act" means 43 U.S.C. 1601 et seq. (Alaska Native Claims Settlement Act);
        (2) "minor" means an individual who is less than 18 years of age;
        (3) "stock" means the stock or membership in a corporation that is organized under the law of this state under the Act and that a minor is entitled to receive under the Act, whether by gift, devise, or other method; "stock" includes inchoate rights to stock.

Authorities

10.06.961

Notes

References

AS 10.06.961 Distributions by native corporations to minors in the custody of a state.

History

(Sec. 2 ch 11 SLA 1990; am Sec. 8 - 12 ch 60 SLA 1992; am Sec. 23, 24 ch 56 SLA 2005)