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.
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