Section 34.45.390. Claim of another state to recover property.

   (a) After personal property has been paid or delivered to the department under this chapter another state may recover the property if
        (1) this state took custody of the property because the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this chapter, the person entitled to the property was in the other state, and under the laws of the other state the property escheated to or was subject to a claim of abandonment by that state;
        (2) the last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of the other state the property has escheated to or become subject to a claim of abandonment by that state;
        (3) the records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of the other state the property escheated to or was subject to a claim of abandonment by the other state;
        (4) this state took custody of the property under AS 34.45.120(6), and, under the laws of the state of domicile of the holder, the property has escheated to or become subject to a claim of abandonment by the state of domicile; or
        (5) the property is the sum payable on a traveler's check, money order, or other similar instrument of which this state took custody under AS 34.45.140, and the instrument was purchased in the other state, and, under the laws of the other state, the property escheated to or became subject to a claim of abandonment by the other state.
   (b) The claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the department.  The department shall allow the claim if it determines that the other state is entitled to the abandoned property under (a) of this section.
   (c) The department shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against liability on a claim for the property.

Notes

History

(Sec. 11 ch 133 SLA 1986)