Section 34.77.080. Protection of bona fide purchasers dealing with spouses.

   (a) Notice of the existence of a community property agreement, a community property trust, a marriage, or the termination of a marriage does not affect the status of a purchaser as a bona fide purchaser.
   (b) Community property purchased by a bona fide purchaser from a spouse having the right to manage and control the property under AS 34.77.040 is acquired free of any claim of the other spouse. The effect of this subsection may not be varied by a community property agreement or a community property trust.
   (c) In this section,
        (1) "bona fide purchaser" means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, and has acted in the transaction in good faith; in this paragraph, a purchaser gives "value" for property if the property is acquired
             (A) in return for a binding commitment to extend credit;
             (B) as security for or in total or partial satisfaction of a preexisting claim;
             (C) by accepting delivery under a preexisting contract for purchase; or
             (D) in return for other consideration sufficient to support a contract;
        (2) "purchaser" means a person who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien, or otherwise deals with property in a voluntary transaction other than making a gift.

Notes

History

(Sec. 11 ch 42 SLA 1998)