(a) Unless the trust provides otherwise, a beneficiary of a trust has a right to property that, by the terms of the trust, is to be specifically distributed to the beneficiary and to

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Terms Used In Alaska Statutes 13.12.712

  • 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Trustee: A person or institution holding and administering property in trust.
(1) any amount of a condemnation award that is for the taking of the property and that is unpaid when the distribution becomes effective;
(2) any proceeds from fire or casualty insurance on, or other recovery for injury to, the property that are unpaid when the distribution becomes effective; and
(3) property owned by the settlor when the distribution becomes effective if the property is acquired as a result of foreclosure, or obtained in lieu of foreclosure, of the security interest for the specifically distributed obligation.
(b) Unless the covered trust provides otherwise, if property that is to be specifically distributed to a beneficiary of a covered trust is instead sold or mortgaged by a trustee of the covered trust, or if a condemnation award, insurance proceeds, or a recovery for injury to the property is paid to a trustee of the covered trust, the beneficiary has the right to a general pecuniary property distribution that is equal to the net sale price, the amount of the unpaid loan, the condemnation award, the insurance proceeds, or the recovery. In this subsection, “covered trust,” means a trust that was originally amendable or revocable by the settlor but that cannot be amended or revoked by the settlor because of the settlor’s incapacity.
(c) The right of a beneficiary under (b) of this section is reduced by any right the beneficiary has under (a) of this section.
(d)[Repealed, Sec. 3 ch 36 SLA 2001].
(e)[Repealed, Sec. 3 ch 36 SLA 2001].
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