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HOUSE BILL NO. 406
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-SECOND LEGISLATURE - SECOND SESSION
BY THE HOUSE LABOR AND COMMERCE COMMITTEE
Introduced: 4/4/22
Referred: Labor and Commerce, Judiciary
A BILL
FOR AN ACT ENTITLED
1 "An Act relating to the validity of trusts involving persons sanctioned by the United
2 States Department of the Treasury; and relating to the recording of documents
3 conveying land to persons sanctioned by the United States Department of the Treasury."
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
5 * Section 1. AS 13.36 is amended by adding a new section to read:
6 Sec. 13.36.380. Prohibition against trust formation. Notwithstanding any
7 other provision of law, a trust is not valid if a settlor, trustee, trustor, or beneficiary of
8 the trust is listed on the most recent Specially Designated Nationals and Blocked
9 Persons List published by the United States Department of the Treasury, Office of
10 Foreign Assets Control.
11 * Sec. 2. AS 40.17.070 is amended by adding a new subsection to read:
12 (j) Notwithstanding any other provision of law, the recorder may not record a
13 document conveying land to a person that is, at the time of the proposed recording,
14 listed on the most recent Specially Designated Nationals and Blocked Persons List
HB0406a -1- HB 406
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1 published by the United States Department of the Treasury, Office of Foreign Assets
2 Control.
3 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to
4 read:
5 APPLICABILITY. AS 13.36.380, enacted by sec. 1 of this Act, does not apply to a
6 trust formed before the effective date of this Act.
HB 406 -2- HB0406a
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Statutes affected:
HB0406A, AM HB 406, introduced 04/04/2022: 40.17.070