Sec. 13.36.073. Vacancy in trusteeship; appointment of successor.

317 words·~1 min read·/ak/title-13/chapter-36/13-36-073

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as otherwise provided in the trust instrument, a vacancy in a trusteeship occurs if

(1)a person designated as a trustee rejects the trusteeship or is considered to have rejected the trusteeship under AS 13.36.071 ;

(2)a person designated as a trustee cannot be identified or does not exist;

(3)a trustee resigns;

(4)a trustee is disqualified or removed under AS 13.36.076 ;

(5)a trustee dies;

(6)a guardian or conservator is appointed for an individual serving as a trustee.

(b)Except as otherwise provided in the trust instrument, if one or more co-trustees remain in office, it is not necessary to fill a vacancy in a trusteeship, but a vacancy in a trusteeship shall be filled if the trust does not have a remaining trustee.

(c)A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:

(1)under the terms of the trust;

(2)by a person, other than a beneficiary, appointed by unanimous agreement of the qualified beneficiaries; or

(3)by a person appointed by the court.

(d)A vacancy in a trusteeship of an exclusively charitable trust that is required to be filled shall be filled in the following order of priority:

(1)under the terms of the trust;

(2)by a person selected by the unanimous consent of the charitable organizations expressly designated to receive distributions under the terms of the trust; or

(3)by a person appointed by the court.

(e)Except as otherwise provided in the trust instrument, a qualified beneficiary who may be represented and bound by another person under AS 13.06.120 may have the qualified beneficiary's consent to the appointment of a trustee as specified in this section given by the person who may represent the qualified beneficiary under AS 13.06.120 .