(a) Title to and control or possession of land, personal property, money, and other property that is devised, bequeathed, or given to the university shall be taken by the university in its corporate capacity acting by and through the Board of Regents or an authorized agent and shall be entered in the perpetual inventory of the university established in AS 14.40.330.
(b) All monetary gifts, bequests, or endowments that are made to the University of Alaska for the purpose of the separate endowment trust fund established under AS 14.40.400 shall be deposited into that endowment trust fund.
(c) Except as provided by (b) of this section, the monetary gifts, bequests, or endowments that are made to the University of Alaska shall be managed and invested by the Board of Regents. In carrying out its management and investment responsibilities under this subsection, the Board of Regents has the same powers and duties with respect to the gifts, bequests, and endowments of the University of Alaska as are provided or required under AS 37.10.071 and AS 13.65 (Uniform Prudent Management of Institutional Funds Act). Notwithstanding any other provision of law, AS 37.10.071 governs the management and investment responsibilities established under this subsection if
(1) both AS 37.10.071 and AS 13.65 apply to the management and investment responsibilities established under this subsection; and
(2) AS 37.10.071 conflicts with AS 13.65.