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2017 Alaska Statutes
Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
Chapter 38. Alaska Principal and Income Act
Article 2. Unitrusts
Sec. 13.38.390. Permissible conversion where otherwise prohibited.
Universal Citation: AK Stat § 13.38.390 (2017)
(a) If AS 13.38.380(a)(3), (4), or (6) applies to a trustee and there is more than one trustee, a co-trustee to whom the provision does not apply may convert the trust, unless the exercise of the power by the remaining trustee is prohibited by the governing instrument.
(b) If AS 13.38.380(a)(3), (4), or (6) applies to all the trustees, the trustees may petition the court to direct a conversion. In the alternative, the trustees may appoint an independent person who shall be granted the authority, while acting in a fiduciary capacity, to make decisions in place of the trustees relating to a conversion, reconversion, and the exercise of discretionary powers under AS 13.38.340.
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