Section 38.95.250. Proceeds of sale or redemption.

Latest version.

   (a) The department shall deposit the proceeds of real property sold under AS 38.95.230(a)(1) less the expenses of sale, including attorney fees and appraisal and publication costs, in an escheated real property trust account.  The department shall maintain the proceeds in the account for a period of at least seven years after the date of the judgment of escheat. The department may use money in the trust account to pay claims made under AS 38.95.240.
   (b) All money collected under (a) of this section not required to be kept in the escheated real property trust account shall be deposited in the general fund.

Notes

Implemented As

11 AAC 69.900

History

(Sec. 12 ch 133 SLA 1986; am Sec. 52 ch 36 SLA 1990)

                    
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