A property interest that, under Alaska Stat. § 34.27.051, becomes invalid shall, upon the expiration of the 1,000-year period set out in Alaska Stat. § 34.27.051,

(1) if income from the property interest is payable

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 34.27.053

  • 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
  • Trustee: A person or institution holding and administering property in trust.
(A) to one person, be distributed to the person to whom the income is then payable;
(B) to more than one person, be distributed to the persons to whom the income is then payable

(i) in the shares to which the persons are entitled to the income; or
(ii) equally among all persons who are entitled to the income if shares are not specified;
(2) if income from the property interest is payable in the discretion of a trustee and is payable

(A) to one person, be distributed to the person then eligible to receive the income; or
(B) to more than one person, be distributed to the persons then eligible to receive the income

(i) in the shares to which the persons are entitled to the income; or
(ii) equally among all persons who are entitled to the income if shares are not specified; or
(3) when there is no person then living to whom the property interest may be distributed under (1) or (2) of this section, be payable to one or more organizations described in 26 U.S.C. § 2055(a) (Internal Revenue Code), or to one or more organizations described in any successor provision to 26 U.S.C. § 2055(a), in the shares or proportions that the trustee or trustees then acting may determine.
  Previous section
Next section  
 Article 2 Contents