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Alaska Statutes.

Title 34. Property

Chapter 27. Modification or Abolition of Common Law Property Rules

Section 53. Savings Provision.

previous: Section 51. Statutory Rule Against Perpetuities.
next: Section 55. - 34.27.065l When Nonvested Property Interest or Power of Appointment Created; Reformation; Exclusions From Statutory Rule Against Perpetuities. [Repealed, Sec. 9 Ch 17 SLA 2000].

AS 34.27.053. Savings Provision.

A property interest that, under AS 34.27.051 , becomes invalid shall, upon the expiration of the 1,000-year period set out in AS 34.27.051 ,

(1) if income from the property interest is payable

(A) to one person, be distributed to the person to whom the income is then payable;

(B) to more than one person, be distributed to the persons to whom the income is then payable

(i) in the shares to which the persons are entitled to the income; or

(ii) equally among all persons who are entitled to the income if shares are not specified;

(2) if income from the property interest is payable in the discretion of a trustee and is payable

(A) to one person, be distributed to the person then eligible to receive the income; or

(B) to more than one person, be distributed to the persons then eligible to receive the income

(i) in the shares to which the persons are entitled to the income; or

(ii) equally among all persons who are entitled to the income if shares are not specified; or

(3) when there is no person then living to whom the property interest may be distributed under (1) or (2) of this section, be payable to one or more organizations described in 26 U.S.C. 2055(a) (Internal Revenue Code), or to one or more organizations described in any successor provision to 26 U.S.C. 2055(a), in the shares or proportions that the trustee or trustees then acting may determine.