HB 406: "An Act relating to the validity of trusts involving persons sanctioned by the United States Department of the Treasury; and relating to the recording of documents conveying land to persons sanctioned by the United States Department of the Treasury."
00 HOUSE BILL NO. 406 01 "An Act relating to the validity of trusts involving persons sanctioned by the United 02 States Department of the Treasury; and relating to the recording of documents 03 conveying land to persons sanctioned by the United States Department of the Treasury." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 13.36 is amended by adding a new section to read: 06 Sec. 13.36.380. Prohibition against trust formation. Notwithstanding any 07 other provision of law, a trust is not valid if a settlor, trustee, trustor, or beneficiary of 08 the trust is listed on the most recent Specially Designated Nationals and Blocked 09 Persons List published by the United States Department of the Treasury, Office of 10 Foreign Assets Control. 11 * Sec. 2. AS 40.17.070 is amended by adding a new subsection to read: 12 (j) Notwithstanding any other provision of law, the recorder may not record a 13 document conveying land to a person that is, at the time of the proposed recording, 14 listed on the most recent Specially Designated Nationals and Blocked Persons List
01 published by the United States Department of the Treasury, Office of Foreign Assets 02 Control. 03 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 APPLICABILITY. AS 13.36.380, enacted by sec. 1 of this Act, does not apply to a 06 trust formed before the effective date of this Act.