(a) A person, including a trustee, may convey real property to a trust whether or not a trustee of the trust is named as a grantee in the instrument of conveyance. A trustee of a trust may convey real property from a trust whether or not a trustee of the trust is named as a grantor in the instrument of conveyance.
Terms Used In Alaska Statutes 34.25.055
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Contract: A legal written agreement that becomes binding when signed.
Fraud: Intentional deception resulting in injury to another.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Grantor: The person who establishes a trust and places property into it.
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Lien: A claim against real or personal property in satisfaction of a debt.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Trustee: A person or institution holding and administering property in trust.
(b) In a conveyance under (a) of this section, notice of the existence of the trust does not affect the status of a purchaser as a bona fide purchaser.(c)Real property that is owned by a trust and that is purchased by a bona fide purchaser from a person in the person’s capacity as trustee of the trust is acquired free of any claim of the beneficiaries of the trust.(d) Notwithstanding other provisions of law, a trust instrument may not change the effect of (c) of this section.(e) In this section,
(1) “bona fide purchaser” means a person who purchases real property for value from a trust and who
(A) has not knowingly been a party to fraud or illegality affecting the interest of persons who are parties to the purchase transaction or beneficiaries of the trust;(B) does not have notice of an adverse claim by a beneficiary of the trust; and(C) has acted in good faith in the purchase transaction;(2) “conveyance” means a conveyance made before, on, or after August 9, 2000;(3) “purchaser” means a person who acquires real property by sale, lease, mortgage, pledge, or lien, or who otherwise deals with real property in a voluntary transaction other than by making a gift;(4) “real property” includes an interest in real property;(5) “value” means acquisition of property
(A) in return for a binding commitment to extend credit;(B) as security for or in total or partial satisfaction of a claim that existed before the giving of the security;(C) by accepting delivery of the real property under a contract that is for the purchase of the real property and that existed before the delivery; or(D) in return for other consideration sufficient to support a contract.
