00                            HOUSE BILL NO. 405                                                                          
01 "An Act relating to the establishment of trusts; requiring the filing of certain trust                                  
02 information; and requiring compliance with a federal law."                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 13.36.005(a) is amended to read:                                                                     
05 (a)  After the trust is established under AS 13.36.030, the [THE] trustee of a                                        
06 trust having its principal place of administration in this state shall register the trust in                            
07 the court of this state at the principal place of administration. Unless otherwise                                      
08 designated in the trust instrument, the principal place of administration of a trust is the                             
09 trustee's usual place of business where the records pertaining to the trust are kept, or at                             
10       the trustee's residence if the trustee has no such place of business. In the case of co-                          
11       trustees, the principal place of administration, if not otherwise designated in the trust                         
12       instrument, is                                                                                                    
13                 (1)  the usual place of business of the corporate trustee if there is but                               
14       one corporate co-trustee; or                                                                                      

01                 (2)  the usual place of business or residence of the individual trustee                                 
02       who is a professional fiduciary if there is but one such person and no corporate co-                              
03       trustee; and otherwise                                                                                            
04                 (3)  the usual place of business or residence of any of the co-trustees as                              
05       agreed upon by them.                                                                                              
06    * Sec. 2. AS 13.36 is amended by adding a new section to article 1 to read:                                          
07 Sec. 13.36.030. Establishment of trust. (a) To establish a trust that will have                                         
08 its principal place of administration in the state, a person shall deliver a trust                                      
09 establishment document to the department for filing and pay a fee established by the                                    
10       department.                                                                                                       
11 (b)  The trust establishment document filed under (a) of this section must be                                           
12 signed by the settlor or a trustee and contain, in addition to other information required                               
13       by the department by regulation,                                                                                  
14 (1)  the names of the trustee, the settlor, the beneficiary, and the                                                    
15       applicant for the establishment of the trust; and                                                                 
16 (2)  the business address of the trustee, or, if the trustee does not have a                                            
17       business address, the residence address of the trustee.                                                           
18 (c)  A trust does not become effective or enforceable until the trust complies                                          
19       with this section.                                                                                                
20 (d)  A trust establishment document is confidential and is not a public record                                          
21 under AS 40.25.110 - 40.25.140, except that the department may release the                                              
22 information in a trust establishment document to the United States Department of the                                    
23       Treasury under 31 U.S.C. 5336.                                                                                    
24 (e)  The settlor, trustee, and beneficiary of a trust established under this section                                    
25       shall comply with 31 U.S.C. 5336.                                                                                 
26 (f)  The department shall cooperate with and provide information requested by                                           
27 the United States Department of the Treasury under 31 U.S.C. 5336 relating to trust                                     
28       establishment documents filed under this section.                                                                 
29 (g)  In this section, "department" means the Department of Commerce,                                                    
30       Community, and Economic Development.                                                                              
31    * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to                            

01 read:                                                                                                                   
02       APPLICABILITY. This Act applies to a trust created on or after the effective date of                              
03 this Act.