(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.
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Terms Used In Alaska Statutes 13.46.085

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(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 Alaska Stat. § 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 Alaska Stat. § 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 Alaska Stat. § 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.
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