SB 11: "An Act relating to community property and to community property trusts; and providing for an effective date."
00 SENATE BILL NO. 11 01 "An Act relating to community property and to community property trusts; and 02 providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 34.77.030(h) is repealed and reenacted to read: 05 (h) Except as otherwise expressly provided in the community property trust, 06 appreciation and income of property transferred to a community property trust are 07 community property. 08 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 APPLICABILITY. AS 34.77.030(h), as repealed and reenacted by sec. 1 of this Act, 11 applies to a community property trust that exists on or after May 23, 1998. In this section, 12 "community property trust" has the meaning given in AS 34.77.900. 13 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 14 read:
01 SAVING CLAUSE. Notwithstanding sec. 2 of this Act, this Act does not affect 02 (1) a court action or court proceeding begun before the effective date of sec. 1 03 of this Act; or 04 (2) a right accrued before the effective date of sec. 1 of this Act. 05 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 RETROACTIVITY. Section 1 of this Act is retroactive to May 23, 1998. 08 * Sec. 5. Sections 1 and 4 of this Act take effect immediately under AS 01.10.070(c).