Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Contract: A legal written agreement that becomes binding when signed.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Deed: The legal instrument used to transfer title in real property from one person to another.
Fiduciary: A trustee, executor, or administrator.
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.
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) has a fiduciaryobligation to ensure that the assets of the trust are managed consistent with the requirements of the Alaska Mental Health Enabling Act, P.L. 84-830, 70 Stat. 709 (1956);(2) shall contract with the Department of Natural Resources to manage the land assets of the trust; the contract must provide for the recording of at least one conveyance to the authority by quitclaim deed of mental health trust land in each recording district in the state in which mental health trust land is located; a conveyance to the authority is exempt from the platting and surveying requirements of Alaska Stat. § 38.04.045(b) and municipal ordinances adopted under Alaska Stat. Chapter 29.40; when the Department of Natural Resources manages land assets of the trust under a contract entered into under this paragraph, the department shall
(A) manage in conformity with Alaska Stat. § 38.05.801;(B) consult with the authority before adopting regulations under Alaska Stat. § 38.05.801(c);(C) provide notice to, and consult with, the authority regarding all proposed actions subject to public notice under Alaska Stat. § 38.05.945 before giving that public notice;(D) annually provide the authority with a report including
(i) a description of all land management activities undertaken under this section during the prior year;(ii) an accounting of all income and proceeds generated from mental health trust land;(iii) an explanation of the manner in which the income and proceeds were allocated between the mental health trust fund and the mental health trust settlement income account; and(E) obtain the approval of the authority before exchanging mental health trust land under Alaska Stat. § 38.05.801(b)(2); and(3) shall contract with Alaska Permanent Fund Corporation for management of the mental health trust fund.(b)[Repealed, Sec. 39 ch 5 FSSLA 1994].
