00 HOUSE BILL NO. 280 01 "An Act adopting the Uniform Custodial Trust Act." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 13 is amended by adding a new chapter to read: 04 CHAPTER 60. UNIFORM CUSTODIAL TRUST ACT. 05  Sec. 13.60.010. CUSTODIAL TRUST. (a) A person may create a custodial 06 trust of property by a written transfer of the property to another person, evidenced by 07 registration or by other instrument of transfer, executed in a lawful manner, naming 08 as beneficiary an individual, who may be the transferor, and in which the transferee 09 is designated, in substance, as custodial trustee under this chapter. 10  (b) A person may create a custodial trust of property by a written declaration, 11 evidenced by registration of the property or by other instrument of declaration executed 12 in a lawful manner, describing the property and naming as beneficiary an individual 13 other than the declarant, in which the declarant as titleholder is designated, in 14 substance, as custodial trustee under this chapter. A registration or other declaration 01 of trust for the sole benefit of the declarant is not a custodial trust under this chapter. 02  (c) Title to custodial trust property is in the custodial trustee and the beneficial 03 interest is in the beneficiary. 04  (d) Except as provided in (e) of this section, a transferor may not terminate a 05 custodial trust. 06  (e) The beneficiary, if not incapacitated, or the conservator of an incapacitated 07 beneficiary, may terminate a custodial trust by delivering to the custodial trustee a 08 writing signed by the beneficiary or conservator declaring the termination. If not 09 previously terminated, the custodial trust terminates on the death of the beneficiary. 10  (f) A person may augment existing custodial trust property by the addition of 11 other property as provided in this chapter. 12  (g) The transferor may designate, or authorize the designation of, a successor 13 custodial trustee in the trust instrument. 14  (h) This chapter does not displace or restrict other means of creating trusts. 15 A trust whose terms do not conform to this chapter may be enforceable according to 16 its terms under other law. 17  Sec. 13.60.020. CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR 18 TRANSFER. (a) A person having the right to designate the recipient of property 19 payable or transferable upon a future event may create a custodial trust upon the 20 occurrence of the future event by designating in writing the recipient, followed in 21 substance by "as custodial trustee for _________ (name of beneficiary) under the 22 Alaska Uniform Custodial Trust Act." 23  (b) A person may be designated as substitute or successor custodial trustee to 24 whom the property shall be paid or transferred in the order named if the first 25 designated custodial trustee is unable or unwilling to serve. 26  (c) A designation under this section may be made in a will, a trust, a deed, a 27 multiple-party account, an insurance policy, an instrument exercising a power of 28 appointment, or a writing designating a beneficiary of contractual rights. Otherwise, 29 to be effective, the designation must be registered with or delivered to the fiduciary, 30 payor, issuer, or obligor of the future right. 31  Sec. 13.60.030. FORM AND EFFECT OF RECEIPT AND ACCEPTANCE 01 BY CUSTODIAL TRUSTEE; JURISDICTION. (a) The obligations of a custodial 02 trustee, including the obligation to follow directions of the beneficiary, arise under this 03 chapter upon the custodial trustee's acceptance, express or implied, of the custodial 04 trust property. 05  (b) The custodial trustee's acceptance may be evidenced by a writing stating 06 in substance as follows: 07 CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE 08  I, ____________ (name of custodial trustee) 09 acknowledge receipt of the custodial trust property described 10 below or in the attached instrument and accept the custodial 11 trust as custodial trustee for ________________ (name of 12 beneficiary) under the Alaska Uniform Custodial Trust Act. I 13 undertake to administer and distribute the custodial trust 14 property under the Alaska Uniform Custodial Trust Act. My 15 obligations as custodial trustee are subject to the directions of 16 the beneficiary unless the beneficiary is designated as, is, or 17 becomes incapacitated. The custodial trust property consists of 18 ________________. 19  Dated________________________ 20  ____________________________ 21  (Signature of Custodial Trustee). 22  (c) Upon accepting custodial trust property, a person designated as custodial 23 trustee under this chapter is subject to the personal jurisdiction of the court with 24 respect to a matter relating to the custodial trust. 25  Sec. 13.60.040. TRANSFER TO CUSTODIAL TRUSTEE BY FIDUCIARY 26 OR OBLIGOR; FACILITY OF PAYMENT. (a) Unless otherwise directed by an 27 instrument designating a custodial trustee under AS 13.60.020, a person, including a 28 fiduciary other than a custodial trustee, who holds property of or owes a debt to an 29 incapacitated individual not having a conservator, may make a transfer to an adult 30 member of the beneficiary's family or to a trust company as custodial trustee for the 31 use and benefit of the incapacitated individual. If the value of the property or the debt 01 exceeds $20,000, the transfer is not effective unless authorized by the court. 02  (b) A written acknowledgment of delivery, signed by a custodial trustee, is a 03 sufficient receipt and discharge for property transferred to the custodial trustee under 04 this section. 05  Sec. 13.60.050. MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL 06 TRUSTS; SURVIVORSHIP. (a) Beneficial interests in a custodial trust created for 07 multiple beneficiaries are considered to be separate custodial trusts of equal undivided 08 interests for each beneficiary. Except in a transfer or declaration for use and benefit 09 of a married couple, for whom survivorship is presumed, a right of survivorship does 10 not exist unless the instrument creating the custodial trust specifically provides for 11 survivorship. 12  (b) Custodial trust property held under this chapter by the same custodial 13 trustee for the use and benefit of the same beneficiary may be administered as a single 14 custodial trust. 15  (c) A custodial trustee of custodial trust property held for more than one 16 beneficiary shall separately account to each beneficiary under AS 13.60.060 and 17 13.60.140 for the administration of the custodial trust. 18  Sec. 13.60.060. GENERAL DUTIES OF CUSTODIAL TRUSTEE. (a) If 19 appropriate, a custodial trustee shall register or record the instrument vesting title to 20 custodial trust property. 21  (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the 22 directions of the beneficiary in the management, control, investment, or retention of 23 the custodial trust property. In the absence of effective contrary direction by the 24 beneficiary while not incapacitated, the custodial trustee shall observe the standard of 25 care that would be observed by a prudent person dealing with property of another and 26 is not limited by another law restricting investments by fiduciaries. However, a 27 custodial trustee, in the custodial trustee's discretion, may retain custodial trust 28 property received from the transferor. If a custodial trustee has a special skill or 29 expertise or is named custodial trustee on the basis of representation of a special skill 30 or expertise, the custodial trustee shall use that skill or expertise. 31  (c) Subject to (b) of this section, a custodial trustee shall take control of and 01 collect, hold, manage, invest, and reinvest custodial trust property. 02  (d) A custodial trustee at all times shall keep custodial trust property of which 03 the custodial trustee has control, separate from all other property in a manner sufficient 04 to identify it clearly as custodial trust property of the beneficiary. Custodial trust 05 property, the title to which is subject to recordation, is identified as required by this 06 subsection if an appropriate instrument identifying the property is recorded, and 07 custodial trust property subject to registration is identified as required by this 08 subsection if it is registered, or held in an account in the name of the custodial trustee, 09 designated in substance "as custodial trustee for ____________ (name of beneficiary) 10 under the Alaska Uniform Custodial Trust Act." 11  (e) A custodial trustee shall keep records of all transactions with respect to 12 custodial trust property, including information necessary for the preparation of tax 13 returns, and shall make the records and information available at reasonable times to 14 the beneficiary or legal representative of the beneficiary. 15  (f) The exercise of a durable power of attorney for an incapacitated beneficiary 16 is not effective to terminate or direct the administration or distribution of a custodial 17 trust. 18  Sec. 13.60.070. GENERAL POWERS OF CUSTODIAL TRUSTEE. (a) A 19 custodial trustee, acting in a fiduciary capacity, has all the rights and powers over 20 custodial trust property that an unmarried adult owner has over individually owned 21 property, but a custodial trustee may exercise those rights and powers in a fiduciary 22 capacity only. 23  (b) This section does not relieve a custodial trustee from liability for a 24 violation of AS 13.60.060. 25  Sec. 13.60.080. USE OF CUSTODIAL TRUST PROPERTY. (a) A custodial 26 trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so 27 much or all of the custodial trust property as the beneficiary while not incapacitated 28 may direct from time to time. 29  (b) If the beneficiary is incapacitated, the custodial trustee shall expend so 30 much or all of the custodial trust property as the custodial trustee considers advisable 31 for the use and benefit of the beneficiary and individuals who were supported by the 01 beneficiary when the beneficiary became incapacitated, or who are legally entitled to 02 support by the beneficiary. Expenditures may be made in the manner, when, and to 03 the extent that the custodial trustee determines suitable and proper, without court order 04 and without regard to other support, income, or property of the beneficiary. 05  (c) A custodial trustee may establish checking, savings, or other similar 06 accounts of reasonable amounts under which either the custodial trustee or the 07 beneficiary may withdraw funds from, or draw checks against, the accounts. Funds 08 withdrawn from, or checks written against, the account by the beneficiary are 09 distributions of custodial trust property by the custodial trustee to the beneficiary. 10  Sec. 13.60.090. DETERMINATION OF INCAPACITY; EFFECT. (a) The 11 custodial trustee shall administer the custodial trust as for an incapacitated beneficiary 12 if 13  (1) the custodial trust was created under AS 13.60.040; 14  (2) the transferor has so directed in the instrument creating the custodial 15 trust; or 16  (3) the custodial trustee has determined that the beneficiary is 17 incapacitated. 18  (b) A custodial trustee may determine that the beneficiary is incapacitated by 19 relying upon 20  (1) previous direction or authority given by the beneficiary while not 21 incapacitated, including direction or authority under a durable power of attorney; 22  (2) the certificate of the beneficiary's physician; or 23  (3) other persuasive evidence. 24  (c) If a custodial trustee for an incapacitated beneficiary reasonably concludes 25 that the beneficiary's incapacity has ceased, or that circumstances concerning the 26 beneficiary's ability to manage property and business affairs have changed since the 27 creation of a custodial trust directing administration as for an incapacitated beneficiary, 28 the custodial trustee may administer the trust as for a beneficiary who is not 29 incapacitated. 30  (d) On petition of the beneficiary, the custodial trustee, or other person 31 interested in the custodial trust property or the welfare of the beneficiary, the court 01 shall determine whether the beneficiary is incapacitated. 02  (e) Absent determination of incapacity of the beneficiary under (b) or (d) of 03 this section, a custodial trustee who has reason to believe that the beneficiary is 04 incapacitated shall administer the custodial trust under the provisions of this chapter 05 applicable to an incapacitated beneficiary. 06  (f) Incapacity of a beneficiary does not terminate 07  (1) the custodial trust; 08  (2) a designation of a successor custodial trustee; 09  (3) rights or powers of the custodial trustee; or 10  (4) the immunities of third persons acting on instructions of the 11 custodial trustee. 12  Sec. 13.60.100. EXEMPTION OF THIRD PERSON FROM LIABILITY. A 13 third person in good faith and without a court order may act on instructions of, or 14 otherwise deal with, a person purporting to make a transfer as, or purporting to act in 15 the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the 16 third person is not responsible for determining 17  (1) the validity of the purported custodial trustee's designation; 18  (2) the propriety of, or the authority under this chapter for, an action 19 of the purported custodial trustee; 20  (3) the validity or propriety of an instrument executed or instruction 21 given under this chapter either by the person purporting to make a transfer or 22 declaration or by the purported custodial trustee; or 23  (4) the propriety of the application of property vested in the purported 24 custodial trustee. 25  Sec. 13.60.110. LIABILITY TO THIRD PERSON. (a) A claim based on a 26 contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation 27 arising from the ownership or control of custodial trust property, or a tort committed 28 in the course of administering the custodial trust, may be asserted by a third person 29 against the custodial trust property by proceeding against the custodial trustee in a 30 fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally 31 liable. 01  (b) A custodial trustee is not personally liable to a third person 02  (1) on a contract properly entered into in a fiduciary capacity unless the 03 custodial trustee fails to reveal that capacity or to identify the custodial trust in the 04 contract; or 05  (2) for an obligation arising from control of custodial trust property or 06 for a tort committed in the course of the administration of the custodial trust unless the 07 custodial trustee is personally at fault. 08  (c) A beneficiary is not personally liable to a third person for an obligation 09 arising from beneficial ownership of custodial trust property or for a tort committed 10 in the course of administration of the custodial trust unless the beneficiary is personally 11 in possession of the custodial trust property giving rise to the liability or is personally 12 at fault. 13  (d) The provisions of (b) and (c) of this section do not preclude actions or 14 proceedings to establish liability of the custodial trustee or beneficiary to the extent the 15 person sued is protected as the insured by liability insurance. 16  Sec. 13.60.120. DECLINATION, RESIGNATION, INCAPACITY, DEATH, 17 OR REMOVAL OF CUSTODIAL TRUSTEE; DESIGNATION OF SUCCESSOR 18 CUSTODIAL TRUSTEE. (a) Before accepting the custodial trust property, a person 19 designated as custodial trustee may decline to serve by notifying the person who made 20 the designation, the transferor, or the transferor's legal representative. If an event 21 giving rise to a transfer has not occurred, the substitute custodial trustee designated 22 under AS 13.60.020 becomes the custodial trustee, or, if a substitute custodial trustee 23 has not been designated, the person who made the designation may designate a 24 substitute custodial trustee under AS 13.60.020. In other cases, the transferor or the 25 transferor's legal representative may designate a substitute custodial trustee. 26  (b) A custodial trustee who has accepted the custodial trust property may 27 resign by 28  (1) delivering written notice to a successor custodial trustee, if any, the 29 beneficiary, and, if the beneficiary is incapacitated, to the beneficiary's conservator, 30 if any; and 31  (2) transferring or registering the custodial trust property, or recording 01 an appropriate instrument relating to the custodial trust property, in the name of the 02 successor custodial trustee identified under (c) of this section, and delivering the 03 records to the successor custodial trustee. 04  (c) If a custodial trustee or successor custodial trustee is ineligible, resigns, 05 dies, or becomes incapacitated, the successor designated under the trust instrument or 06 under AS 13.60.020 becomes custodial trustee. If there is no effective provision for 07 a successor, the beneficiary, if not incapacitated, may designate a successor custodial 08 trustee. If the beneficiary is incapacitated, or fails to act within 90 days after the 09 ineligibility, resignation, death, or incapacity of the custodial trustee, the beneficiary's 10 conservator becomes successor custodial trustee. If the beneficiary does not have a 11 conservator or the conservator fails to act, the resigning custodial trustee may designate 12 a successor custodial trustee. 13  (d) If a successor custodial trustee is not designated under (c) of this section, 14 the transferor, the legal representative of the transferor or of the custodial trustee, an 15 adult member of the beneficiary's family, the guardian of the beneficiary, a person 16 interested in the custodial trust property, or a person interested in the welfare of the 17 beneficiary, may petition the court to designate a successor custodial trustee. 18  (e) A custodial trustee who declines to serve or resigns, or the legal 19 representative of a deceased or incapacitated custodial trustee, as soon as practicable, 20 shall put the custodial trust property and records in the possession and control of the 21 successor custodial trustee. The successor custodial trustee may enforce the obligation 22 to deliver custodial trust property and records and becomes responsible for each item 23 as received. 24  (f) A beneficiary, the beneficiary's conservator, an adult member of the 25 beneficiary's family, a guardian of the person of the beneficiary, a person interested 26 in the custodial trust property, or a person interested in the welfare of the beneficiary, 27 may petition the court to remove the custodial trustee for cause and designate a 28 successor custodial trustee, to require the custodial trustee to furnish a bond or other 29 security for the faithful performance of fiduciary duties, or for other appropriate relief. 30  Sec. 13.60.130. EXPENSES, COMPENSATION, AND BOND OF 31 CUSTODIAL TRUSTEE. Except as otherwise provided in the instrument creating the 01 custodial trust, in an agreement with the beneficiary, or by court order, a custodial 02 trustee 03  (1) is entitled to reimbursement from custodial trust property for 04 reasonable expenses incurred in the performance of fiduciary services; 05  (2) has a noncumulative election, to be made no later than six months 06 after the end of each calendar year, to charge a reasonable compensation for fiduciary 07 services performed during that year; and 08  (3) does not need to furnish a bond or other security for the faithful 09 performance of fiduciary duties. 10  Sec. 13.60.140. REPORTING AND ACCOUNTING BY CUSTODIAL 11 TRUSTEE; DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE. (a) 12 Upon the acceptance of custodial trust property, the custodial trustee shall provide a 13 written statement describing the custodial trust property and shall thereafter provide 14 a written statement of the administration of the custodial trust property 15  (1) once each year; 16  (2) upon request at reasonable times by the beneficiary or the 17 beneficiary's legal representative; 18  (3) upon resignation or removal of the custodial trustee; and 19  (4) upon termination of the custodial trust. 20  (b) The statements under (a) of this section shall be provided to the beneficiary 21 or to the beneficiary's legal representative, if any. Upon termination of the 22 beneficiary's interest, the custodial trustee shall furnish a current statement to the 23 person to whom the custodial trust property is to be delivered. 24  (c) A beneficiary, the beneficiary's legal representative, an adult member of 25 the beneficiary's family, a person interested in the custodial trust property, or a person 26 interested in the welfare of the beneficiary may petition the court for an accounting by 27 the custodial trustee or the custodial trustee's legal representative. 28  (d) A successor custodial trustee may petition the court for an accounting by 29 a previous custodial trustee. 30  (e) In an action or proceeding under this chapter or in another proceeding, the 31 court may require or permit the custodial trustee or the custodial trustee's legal 01 representative to account. The custodial trustee or the custodial trustee's legal 02 representative may petition the court for approval of final accounts. 03  (f) If a custodial trustee is removed, the court shall require an accounting and 04 order delivery of the custodial trust property and records to the successor custodial 05 trustee and the execution of all instruments required for transfer of the custodial trust 06 property. 07  (g) On petition of the custodial trustee or a person who could petition for an 08 accounting, the court, after notice to interested persons, may issue instructions to the 09 custodial trustee or review the propriety of the acts of a custodial trustee or the 10 reasonableness of compensation determined by the custodial trustee for the services of 11 the custodial trustee or others. 12  Sec. 13.60.150. LIMITATIONS OF ACTION AGAINST CUSTODIAL 13 TRUSTEE. (a) Except as provided in (c) of this section, and unless previously barred 14 by adjudication, consent, or limitation, a claim for relief against a custodial trustee for 15 accounting or breach of duty is barred as to a beneficiary, a person to whom custodial 16 trust property is to be paid or delivered, or the legal representative of an incapacitated 17 or deceased beneficiary or payee, if the person, beneficiary, or legal representative 18  (1) has received a final account or statement fully disclosing the matter, 19 unless an action or proceeding to assert the claim is commenced within two years after 20 receipt of the final account or statement; or 21  (2) has not received a final account or statement fully disclosing the 22 matter unless an action or proceeding to assert the claim is commenced within three 23 years after the termination of the custodial trust. 24  (b) Except as provided in (c) of this section, a claim for relief to recover from 25 a custodial trustee for fraud, misrepresentation, or concealment related to the final 26 settlement of the custodial trust or concealment of the existence of the custodial trust, 27 is barred unless an action or proceeding to assert the claim is commenced within five 28 years after the termination of the custodial trust. 29  (c) A claim for relief is not barred by this section 30  (1) if the claimant is a minor, until the earlier of two years after the 31 claimant becomes an adult or dies; 01  (2) if the claimant is an incapacitated adult, until the earliest of two 02 years after 03  (A) the appointment of a conservator; 04  (B) the removal of the incapacity; or 05  (C) the death of the claimant; or 06  (3) until two years after the claimant's death, if the claimant was an 07 adult, who is now deceased and who was not incapacitated. 08  Sec. 13.60.160. DISTRIBUTION ON TERMINATION. (a) Upon termination 09 of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust 10 property 11  (1) to the beneficiary, if not incapacitated or deceased; 12  (2) to the conservator or other recipient designated by the court for an 13 incapacitated beneficiary; or 14  (3) upon the beneficiary's death, in the following order: 15  (A) as last directed in a writing signed by the deceased 16 beneficiary while not incapacitated and received by the custodial trustee during 17 the life of the deceased beneficiary; 18  (B) to the survivor of multiple beneficiaries if survivorship is 19 provided for under AS 13.60.050; 20  (C) as designated in the instrument creating the custodial trust; 21 or 22  (D) to the estate of the deceased beneficiary. 23  (b) If, when the custodial trust would otherwise terminate, the distributee is 24 incapacitated, the custodial trust continues for the use and benefit of the distributee as 25 beneficiary until the incapacity is removed or the custodial trust is otherwise 26 terminated. 27  (c) Death of a beneficiary does not terminate the power of the custodial trustee 28 to discharge obligations of the custodial trustee or beneficiary incurred before the 29 termination of the custodial trust. 30  Sec. 13.60.170. METHODS AND FORMS FOR CREATING CUSTODIAL 31 TRUSTS. (a) If a transaction, including a declaration with respect to specific property 01 or a transfer of specific property, otherwise satisfies applicable law, the criteria of 02 AS 13.60.010 are satisfied by 03  (1) the execution and either delivery to the custodial trustee or 04 recording of an instrument in substantially the following form: 05 TRANSFER UNDER THE ALASKA UNIFORM CUSTODIAL TRUST ACT 06  I, __________________ (name of transferor or name and 07 representative capacity if a fiduciary), transfer to 08 ________________ (name of trustee other than transferor), as 09 custodial trustee for ____________________ (name of 10 beneficiary) as beneficiary and ______________as distributee on 11 termination of the trust in absence of direction by the 12 beneficiary under the Alaska Uniform Custodial Trust Act, the 13 following: (insert a description of the custodial trust property 14 legally sufficient to identify and transfer each item of property). 15  Dated:_______________________ 16  _____________________________ 17  (Signature); or 18  (2) the execution and the recording or giving notice of its execution to 19 the beneficiary of an instrument in substantially the following form: 20 DECLARATION OF TRUST UNDER THE ALASKA UNIFORM 21 CUSTODIAL TRUST ACT 22  I, ________________ (name of owner of property), 23 declare that from this date I hold as custodial trustee for 24 ________________ (name of beneficiary other than transferor) 25 as beneficiary and________________ as distributee on 26 termination of the trust in absence of direction by the 27 beneficiary under the Alaska Uniform Custodial Trust Act, the 28 following: (insert a description of the custodial trust property 29 legally sufficient to identify and transfer each item of property). 30  Dated:_______________________ 31  _____________________________ 01  (Signature). 02  (b) Either form identified under (a) of this section may be modified by the 03 transferor of the property to include, for example, the designation of an alternate or 04 successor trustee or the recipient of the custodial property upon termination of the 05 trust. 06  (c) Customary methods of transferring or evidencing ownership of property 07 may be used to create a custodial trust, including the following: 08  (1) registration of a security in the name of a trust company, an adult 09 other than the transferor, or the transferor if the beneficiary is other than the transferor, 10 designated in substance "as custodial trustee for ________________ (name of 11 beneficiary) under the Alaska Uniform Custodial Trust Act"; 12  (2) delivery of a certificated security, or a document necessary for the 13 transfer of an uncertificated security, together with any necessary endorsement, to an 14 adult other than the transferor or to a trust company as custodial trustee, accompanied 15 by an instrument in substantially the form set out in (a)(1) of this section; 16  (3) payment of money or transfer of a security held in the name of a 17 broker or a financial institution or its nominee to a broker or financial institution for 18 credit to an account in the name of a trust company, an adult other than the transferor, 19 or the transferor if the beneficiary is other than the transferor, designated in substance 20 "as custodial trustee for ____________ (name of beneficiary) under the Alaska 21 Uniform Custodial Trust Act"; 22  (4) registration of ownership of a life or endowment insurance policy 23 or annuity contract with the issuer in the name of a trust company, an adult other than 24 the transferor, or the transferor if the beneficiary is other than the transferor, designated 25 in substance "as custodial trustee for _____________ (name of beneficiary) under the 26 Alaska Uniform Custodial Trust Act"; 27  (5) delivery of a written assignment to an adult other than the transferor 28 or to a trust company whose name in the assignment is designated in substance by the 29 words "as custodial trustee for ____________(name of beneficiary) under the Alaska 30 Uniform Custodial Trust Act"; 31  (6) irrevocable exercise of a power of appointment, under its terms, in 01 favor of a trust company, an adult other than the donee of the power, or the donee who 02 holds the power if the beneficiary is other than the donee, whose name in the 03 appointment is designated in substance "as custodial trustee for _______________ 04 (name of beneficiary) under the Alaska Uniform Custodial Trust Act"; 05  (7) delivery of a written notification or assignment of a right to future 06 payment under a contract to an obligor that transfers the right under the contract to a 07 trust company, an adult other than the transferor, or the transferor if the beneficiary 08 is other than the transferor, whose name in the notification or assignment is designated 09 in substance "as custodial trustee for ________________ (name of beneficiary) under 10 the Alaska Uniform Custodial Trust Act"; 11  (8) execution, delivery, and recordation of a conveyance of an interest 12 in real property in the name of a trust company, an adult other than the transferor, or 13 the transferor if the beneficiary is other than the transferor, designated in substance "as 14 custodial trustee for __________________ (name of beneficiary) under the Alaska 15 Uniform Custodial Trust Act"; 16  (9) issuance of a certificate of title by an agency of a state or of the 17 United States that evidences title to tangible personal property 18  (A) issued in the name of a trust company, an adult other than 19 the transferor, or the transferor if the beneficiary is other than the transferor, 20 designated in substance "as custodial trustee for ______________ (name of 21 beneficiary) under the Alaska Uniform Custodial Trust Act"; or 22  (B) delivered to a trust company or an adult other than the 23 transferor or endorsed by the transferor to that person, designated in substance 24 "as custodial trustee for ________________ (name of beneficiary) under the 25 Alaska Uniform Custodial Trust Act"; or 26  (10) execution and delivery of an instrument of gift to a trust company 27 or an adult other than the transferor, designated in substance "as custodial trustee for 28 ___________________ (name of beneficiary) under the Alaska Uniform Custodial 29 Trust Act." 30  Sec. 13.60.180. APPLICABLE LAW. (a) This chapter applies to a transfer 31 or declaration creating a custodial trust that refers to this chapter if, at the time of the 01 transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of 02 or has its principal place of business in this state or custodial trust property is located 03 in this state. The custodial trust remains subject to this chapter despite a later change 04 in residence or principal place of business of the transferor, beneficiary, or custodial 05 trustee, or removal of the custodial trust property from this state. 06  (b) A transfer made under an act of another state substantially similar to this 07 chapter is governed by the law of that state and may be enforced in this state. 08  Sec. 13.60.190. UNIFORMITY OF APPLICATION AND CONSTRUCTION. 09 This chapter shall be applied and construed to effectuate its general purpose to make 10 uniform the law with respect to the subject of this chapter among states enacting it. 11  Sec. 13.60.900. DEFINITIONS. In this chapter, 12  (1) "adult" means an individual who is at least 18 years of age; 13  (2) "beneficiary" means an individual for whom property has been 14 transferred to or held under a declaration of trust by a custodial trustee for the 15 individual's use and benefit under this chapter; 16  (3) "conservator" means a person appointed or qualified by a court to 17 manage the estate of an individual or a person legally authorized to perform 18 substantially the same functions; 19  (4) "court" means the superior court of this state; 20  (5) "custodial trust property" means an interest in property transferred 21 to or held under a declaration of trust by a custodial trustee under this chapter and the 22 income from and proceeds of that interest; 23  (6) "custodial trustee" means a person designated as trustee of a 24 custodial trust under this chapter or a substitute or successor to the person designated; 25  (7) "guardian" means a person appointed or qualified by a court as a 26 guardian of an individual, including a limited guardian, but not a person who is only 27 a guardian ad litem; 28  (8) "incapacitated" means lacking the ability to manage property and 29 business affairs effectively by reason of mental illness, mental deficiency, physical 30 illness or disability, chronic use of drugs, chronic intoxication, confinement, detention 31 by a foreign power, disappearance, minority, or other disabling cause; 01  (9) "legal representative" means a personal representative or 02 conservator; 03  (10) "member of the beneficiary's family" means a beneficiary's 04 spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or 05 aunt, whether of the whole or half blood or by adoption; 06  (11) "personal representative" means an executor, administrator, or 07 special administrator of a decedent's estate, a person legally authorized to perform 08 substantially the same functions, or a successor to any of them; 09  (12) "state" means a state, territory, or possession of the United States, 10 the District of Columbia, or the Commonwealth of Puerto Rico; 11  (13) "transferor" means a person who creates a custodial trust by 12 transfer or declaration; 13  (14) "trust company" means a financial institution, corporation, or other 14 legal entity, authorized to exercise general trust powers. 15  Sec. 13.60.990. SHORT TITLE. This chapter may be cited as the Alaska 16 Uniform Custodial Trust Act.