(a) Notwithstanding any other provision of this chapter, a person does not act as a fiduciary under this chapter if the person

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Terms Used In Alaska Statutes 06.26.020

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • certificate of authority: means the certificate of authority issued to a corporation under Alaska Stat. See Alaska Statutes 06.26.990
  • chapter: includes regulations adopted under this chapter. See Alaska Statutes 06.26.990
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.26.990
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • family member: means an individual who is related, including relation established by adoption, within the fourth degree by blood or marriage, to the individual whom the relationship is measured. See Alaska Statutes 06.26.990
  • Fiduciary: A trustee, executor, or administrator.
  • fiduciary: means a person to whom the property of another person is entrusted for a purpose specified in a trust instrument or by a court order. See Alaska Statutes 06.26.990
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • personal representative: has the meaning given in Alaska Stat. See Alaska Statutes 06.26.990
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • Trustee: A person or institution holding and administering property in trust.
(1) is licensed to practice law in this state, the person is acting within the scope of the license, and the person and any law firm of the person are not trustees of more trusts than the number established for the person and law firm by the department by regulation or order; in this paragraph, “law firm” means a partnership, a professional corporation organized under Alaska Stat. Chapter 10.45, or another association organized for the practice of law and in which the person practices law;
(2) acts as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act;
(3) receives and distributes on behalf of a principal rents and proceeds of sales as a real estate broker or other licensee under Alaska Stat. Chapter 08.88;
(4) engages in securities business activity as a registered broker-dealer, a broker-dealer agent, an investment adviser, or an investment adviser representative, or as a federal covered investment adviser who has made a notice filing under Alaska Stat. § 45.56.360(c), the person is acting within the scope of the person’s registration or notice filing, and the activity is regulated by the department under Alaska Stat. Chapter 45.56 or by the United States Securities and Exchange Commission; in this paragraph, “agent,” “broker-dealer,” “federal covered investment adviser,” “investment adviser,” “investment adviser representative,” and “securities business ” have the meanings given in Alaska Stat. § 45.56.900;
(5) engages in the sale and administration of an insurance product as an insurance company licensed under Alaska Stat. Title 21 or an insurance producer licensed under Alaska Stat. Title 21 and is acting within the scope of that license;
(6) handles escrow transactions and is a title insurance company that has a certificate of authority issued under Alaska Stat. Chapter 21.09, a title insurance limited producer that is licensed as required by Alaska Stat. § 21.66.270, or an employee of the title insurance company or title insurance producer when acting in the scope of the employee’s employment; in this paragraph,

(A) “escrow transaction” has the meaning given in Alaska Stat. § 34.80.090;
(B) “title insurance company” has the meaning given in Alaska Stat. § 21.66.480;
(C) “title insurance limited producer” has the meaning given in Alaska Stat. § 21.66.480;
(7) is a cemetery association organized and acting under Alaska Stat. Chapter 10.30;
(8) is a trustee for a voting trust under Alaska Stat. Chapter 10.06 and is acting in that capacity;
(9) has a certified public accountant license issued under Alaska Stat. § 08.04.105 or 08.04.195, the person is acting within the scope of the license, and the person and any accounting firm of the person are not trustees of more trusts than the number established for the person and accounting firm by the department by regulation or order; in this paragraph, “accounting firm” means a partnership, a professional corporation organized under Alaska Stat. Chapter 10.45, or another association organized for the practice of public accounting and in which the person practices public accounting;
(10) holds real property in trust for the primary purpose of subdivision, development, or sale or to facilitate a business transaction with respect to the real property;
(11) serves as a trustee of a trust created by the person’s family members;
(12) holds money or other assets as a homeowners’ association or similar organization to pay maintenance and other related costs for commonly owned property; in this paragraph, “homeowners’ association” includes an association of apartment owners under Alaska Stat. § 34.07.450 and a unit owners’ association or master association under Alaska Stat. § 34.08.990;
(13) holds money or other assets in connection with the collection of debts or payments on loans by a person acting solely as the agent or representative at the sole direction of the person to whom the debt or payment is owed, including engaging in the business of an escrow agent;
(14) acts as a conservator if the person is appointed by a court of this or another state or is qualified to act as a conservator under Alaska Stat. § 13.26.580;
(15) acts as a personal representative if the person is appointed a personal representative by a court of this or another state or is qualified to act as a personal representative under Alaska Stat. § 13.21.035;
(16) acts as a guardian or receiver if the person is appointed as a guardian or receiver by a court of this or another state;
(17) is a business partner acting with regard to the business, or a co-owner of property acting with regard to the co-owned property;
(18) serves as a trustee of one or more trusts in which the settlor is not a family member of the person, except that the person may not at any one time serve as a trustee for trusts that cumulatively have more than 10 different settlors; however, the department may change by regulation or order the maximum number of settlors allowed for this exemption; in this paragraph, a husband and wife who create a joint trust are considered to be one settlor.
(b) When establishing the number of trusts that are allowed for an exemption under (a)(1) or (9) of this section or when changing the maximum number of settlors that are allowed for an exemption under (a)(18) of this section, the department shall consider the protection of the public, the effect on efficient delivery of trust services at a reasonable cost, and the likelihood that the particular exemption can make the trust services available to the persons who need the service.
(c) In addition to the exemptions identified in (a) of this section, the department may by regulation or order grant an exemption to a person if the person demonstrates good cause for needing the exemption and the department determines that the exemption would not conflict with public order or convenience.
(d) In addition to any other requirements established for the exemption, to maintain an exemption under this section, a person who is exempt under (a) or (c) of this section may not offer fiduciary services to the general public.
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