Alaska § 13.38.750 - Asset-backed securities.
Full text of Alaska Alaska Statutes § 13.38.750 — Asset-backed securities., with citation guidance and answers to common questions.
§ 13.38.750. Asset-backed securities.
(a) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate the portion of the payment that the payor identifies as being from interest or other current return to income, and the trustee shall allocate the balance of the payment to principal.
(b) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal.
(c) In this section, “asset-backed security” (1) means an asset whose value is based on the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security;
(2) includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return;
(3) does not include an asset to which AS 13.38.600 or 13.38.690 applies.
Article 7. Allocation of Disbursements During Administration of Trust.
Frequently Asked Questions About Alaska § 13.38.750
What does Alaska Statutes § 13.38.750 cover?
Section 13.38.750 ("Asset-backed securities.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 13.38.750?
A common citation format is "Alaska Statutes § 13.38.750" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 13.38.750 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.