{"data":{"id":"us-ak/as-37.14.007","jurisdiction":"us-ak","citation":"AS 37.14.007","heading":"Authority as trustee.","body":"(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.\n(b) In exercising the powers, duties, and responsibilities as trustee, the authority is under a duty to the public and the trust beneficiaries to\n(1) administer the trust consistent with AS 37.14.009 in the interest of the beneficiaries;\n(2) keep and render clear and accurate accounts with respect to the administration of the trust;\n(3) make public and available complete and accurate information as to the nature and amount of the trust property;\n(4) exercise a high degree of care in administering the trust;\n(5) take reasonable steps to take and keep control of the trust property;\n(6) use care and skill to preserve the trust property;\n(7) take reasonable steps to realize on claims that are held in trust;\n(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;\n(9) separately account for trust property;\n(10) ensure that trust property is designated as property of the trust;\n(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\n(12) deal impartially with the different trust beneficiaries as provided in AS 44.25.290.","path":["Title 37. Public Finance.","Chapter 14. Special Funds."],"source_url":"https://www.akleg.gov/basis/statutes.asp#37.14.007","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:18:56Z","sha256":"ec49c59f4f92843d5c322e459c9dbbfdf89de45a625e4b89fc7d07837802df13","source_id":"us-ak","stale":false,"prev":"us-ak/as-37.14.005","next":"us-ak/as-37.14.009"},"notice":"GroundRules: Original legal text. Not legal advice."}