Section 34.45.700. Agreement to locate reported property.

   (a) An agreement to pay compensation to locate, deliver, recover, or assist in the recovery of property reported under AS 34.45.280 while in the possession of a holder is unenforceable if made
        (1) before the date payment or delivery is made under AS 34.45.320; or
        (2) within 24 months after the date payment or delivery is made under AS 34.45.320.
   (b) An agreement executed after the 24-month period is enforceable only if
        (1) the fee or compensation is not more than
             (A) 20 percent of the value of the property if the value of the property is less than $500; and
             (B) 10 percent of the value of the property if the value of the property is $500 or more;
        (2) the agreement is in writing, signed by the apparent owner, does not exceed six months, and specifies the fees to be charged, nature and value of the property, and the value of the apparent owner's share after the fee or compensation is deducted.
   (c) This section does not preclude an owner from asserting that an agreement to locate property is otherwise invalid.

Notes

History

(Sec. 11 ch 133 SLA 1986; am Sec. 9 ch 145 SLA 1996)