Alaska Stat. § 13.12.907 (2002). Honorary trusts;
trusts for pets.
(a) Subject to (c) of this section, a trust may be
performed by the trustee for 21 years but not longer,
whether or not the terms of the trust contemplate a
longer duration, if
(1) the trust is for a specific lawful,
noncharitable purpose or for a lawful, noncharitable
purpose to be selected by the trustee; and
(2) there is not a definite or definitely
ascertainable beneficiary designated.
(b) Except as otherwise provided by this subsection
and (c) of this section, a trust for the care of a
designated domestic or pet animal is valid. The trust
terminates when a living animal is not covered by the
trust. A governing instrument shall be liberally
construed to bring the transfer within this
subsection, to presume against the merely precatory or
honorary nature of the disposition, and to carry out
the general intent of the transferor. Extrinsic
evidence is admissible in determining the transferor's
intent.
(c) In addition to the provisions of (a) or (b) of
this section, a trust covered by either of those
subsections is subject to the following provisions:
(1) except as expressly provided otherwise in the
trust instrument, a portion of the principal or income
may not be converted to the use of the trustee or to a
use other than for the trust's purposes or for the
benefit of a covered animal;
(2) upon termination, the trustee shall transfer the
unexpended trust property in the following order:
(A) as directed in the trust instrument;
(B) if the trust was created in a nonresiduary
clause in the transferor's will or in a codicil to the
transferor's will, under the residuary clause in the
transferor's will; and
(C) if a taker is not produced by the application of
(A) or (B) of this paragraph, to the transferor's
heirs under AS 13.12.711;
(3) for the purposes of AS 13.12.707, the residuary
clause is treated as creating a future interest under
the terms of a trust;
(4) the intended use of the principal or income may
be enforced by an individual designated for that
purpose in the trust instrument or, if none, by an
individual appointed by a court upon application to
the court by an individual;
(5) except as ordered by the court or required by
the trust instrument, a filing, report, registration,
periodic accounting, separate maintenance of funds,
appointment, or fee is not required by reason of the
existence of the fiduciary relationship of the
trustee;
(6) a court may reduce the amount of the property
transferred, if it determines that amount
substantially exceeds the amount required for the
intended use; the amount of the reduction, if any,
passes as unexpended trust property under (2) of this
subsection;
(7) if a trustee is not designated or a designated
trustee is not willing or able to serve, a court shall
name a trustee; a court may order the transfer of the
property to another trustee, if required to assure
that the intended use is carried out and if a
successor trustee is not designated in the trust
instrument or if a designated successor trustee does
not agree to serve or is unable to serve; a court may
also make other orders and determinations as are
advisable to carry out the intent of the transferor
and the purpose of this section.
(§3 ch. 75 SLA 1996)
|
