(a) A trust company may perform any act as a fiduciary that a state financial institution, or a national bank exclusively exercising trust powers, may perform, including

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Terms Used In Alaska Statutes 06.26.050

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • board: means board of directors. See Alaska Statutes 06.26.990
  • 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.
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.26.990
  • depository: means a person authorized by state or federal law to accept deposits of trust assets. See Alaska Statutes 06.26.990
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • 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
  • financial institution: has the meaning given in Alaska Stat. 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.
  • 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 property: All property that is not real property.
  • personal property: includes money, goods, chattels, things in action, and evidences of debt. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • 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
  • trust company: means a person who is organized under this chapter to act as a fiduciary and to provide fiduciary services to the general public. See Alaska Statutes 06.26.990
  • Trustee: A person or institution holding and administering property in trust.
(1) acting as trustee under a written agreement;
(2) receiving money and other property as trustee for investment in real or personal property;
(3) acting as a trustee and performing the fiduciary duties committed or transferred to it by a court;
(4) receiving money or other assets under Alaska Stat. Chapter 06.35;
(5) acting as an executor, an administrator, or a trustee of the estate of a deceased person;
(6) acting as a custodian, guardian, conservator, or trustee for a minor or an incapacitated person;
(7) acting as a successor fiduciary to a depository;
(8) receiving for safekeeping any type of personal property;
(9) acting as a custodian, an assignee, a transfer agent, an escrow agent, a registrar, or a receiver;
(10) acting as an investment adviser, an agent, or an attorney-in-fact in any agreed upon capacity;
(11) exercising additional powers expressly authorized by a regulation adopted under this chapter; and
(12) exercising an incidental power that is reasonably necessary to enable it to fully exercise the powers expressly conferred according to commonly accepted fiduciary customs and usage.
(b) A trust company may exercise the powers of a business incorporated under the laws of this state that are reasonably necessary to enable the exercise of its specific powers under this chapter.
(c) A trust company may contribute to community solicitations, or to charitable, philanthropic, or benevolent instrumentalities that operate to promote public welfare, amounts that its board considers appropriate and in the interests of the trust company.
(d) Subject to Alaska Stat. § 06.26.370, a trust company may deposit trust money or other assets with itself.
(e) Subject to the approval of the department and to being insured by the Federal Deposit Insurance Corporation or its successor, a trust company may accept deposits from the public.
(f) A trust company organized under this chapter may apply for a certificate of authority under Alaska Stat. Chapter 06.05.
(g) A trust company organized under this chapter with a certificate of authority issued under Alaska Stat. Chapter 06.05 may exercise all powers granted to it under Alaska Stat. Chapter 06.05 to the extent the powers do not conflict with this chapter. A trust company with a certificate of authority issued under Alaska Stat. Chapter 06.05 is subject to all of the provisions of Alaska Stat. Chapter 06.05. In case of a conflict between the provisions of this chapter and Alaska Stat. Chapter 06.05, the provisions of this chapter apply.
(h) In (a) of this section, “national bank exclusively exercising trust powers” means a person issued a charter by the United States Comptroller of the Currency if the charter confers only trust powers.
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