Alaska Stat. § 13.60.030

Current through Chapter 61 of the 2024 Legislative Session and 2024 Executive Orders 125, 133 through 135

Section 13.60.030 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction

(a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.

(b) The custodial trustee's acceptance may be evidenced by a writing stating in substance as follows:

CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE

I, ________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for ________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property under the Alaska Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ___________________________________________________________________.

Dated ___________________________________________________

_________________________________________________________

(Signature of Custodial Trustee).

(c) Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to the personal jurisdiction of the court with respect to a matter relating to the custodial trust.

AS 13.60.030