Sec. 37.14.007. Authority as trustee.

268 words·~1 min read·/ak/title-37/chapter-14/37-14-007·

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

(a)The Alaska Mental Health Trust Authority, established by AS 44.25.200 , is the trustee of the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.

(b)In exercising the powers, duties, and responsibilities as trustee, the authority is under a duty to the public and the trust beneficiaries to

(1)administer the trust consistent with AS 37.14.009 in the interest of the beneficiaries;

(2)keep and render clear and accurate accounts with respect to the administration of the trust;

(3)make public and available complete and accurate information as to the nature and amount of the trust property;

(4)exercise a high degree of care in administering the trust;

(5)take reasonable steps to take and keep control of the trust property;

(6)use care and skill to preserve the trust property;

(7)take reasonable steps to realize on claims that are held in trust;

(8)defend against actions that may result in a loss to the trust estate, unless under all the circumstances, considering the other duties owed to the trust, it is reasonable not to make the defense;

(9)separately account for trust property;

(10)ensure that trust property is designated as property of the trust;

(11)use care and skill to make the trust property productive; however, nothing in this paragraph shall prevent the state from using trust property directly or indirectly, by contractual stipulation or otherwise, as a component of the state's mental health trust program; and

(12)deal impartially with the different trust beneficiaries as provided in AS 44.25.290 .