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Alaska Statutes Title 34. Property § 34.25.055. Conveyances to or from trusts

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(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.

(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.

Cite this article: FindLaw.com - Alaska Statutes Title 34. Property § 34.25.055. Conveyances to or from trusts - last updated April 21, 2021 | https://codes.findlaw.com/ak/title-34-property/ak-st-sect-34-25-055.html


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