Title 34, Property

If the property is not left with the consignee or bailee for the purpose of being forwarded, disposed of, or kept according to directions received by the consignee or bailee, at or before the time of the reception of the property, and if the name and residence of the owner of the…

If property held by a person described in AS 34.45.010 is not claimed and taken away within one year after the time it is received, the person having possession of the property may sell the property in the manner provided in AS 34.45.010 — 34.45.080, except that property describe…

(a) Before the property is sold, the person in possession of it shall request the district judge or magistrate in the judicial district where the property is located to inventory the property. (b) Upon the request the district judge or magistrate or a person, other than the holde…

(a) If the owner or person entitled to the possession of the property, before the date specified in the notice, fails to redeem it as provided in AS 34.45.060, the district judge or magistrate, upon verified proof that the service or publication is filed with the court, shall ent…

(a) The peace officer shall sell the property at public auction to the highest bidder in the manner provided for the sale of personal property on execution. (b) The sale of the property conveys good title superior to all liens, encumbrances, and mortgages, and without right of re…

(a) The peace officer, upon completion of the sale of the property, shall make and file with the district judge or magistrate a verified, written return of the conduct of the sale and of the application of the proceeds derived from it, and shall pay all money in excess of costs a…

(a) Property of a perishable nature and subject to decay by keeping, if not taken away within 30 days after it has been left, may be sold by giving 10 days' notice of sale. In that case the notice provided in AS 34.45.040 need not be given. (b) The sale shall be conducted and the…

In AS 34.45.010 and 34.45.020, “property” does not include property covered by AS 14.57.200 — 14.57.290.

Article 2. Personal Property Presumed Abandoned; General Rules.

(a) Except as otherwise provided in AS 34.45.120 — 34.45.780, all intangible property, including income or increment derived from the property, less lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and has remained unclaimed by the owne…

Article 3. Conditions Leading to Presumption of Abandonment of Particular Types of Personal Property. Unless otherwise provided in this chapter or by another statute of the state, intangible property is subject to the custody of the state as unclaimed property if the conditions r…

(a) Subject to (d) of this section, money payable on a traveler's check that has been outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within the preceding 15 years, has communicated in writing with the issuer concerning it or otherwis…

(a) Other than money payable on an instrument that is subject to AS 34.45.140, money payable on a check, draft, or similar instrument on which a banking or financial organization is directly liable, including a cashier's check and a certified check, that has been outstanding for …

(a) A demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and money paid toward the purchase of a share, a mutual investment certificate, or other intangible property interest in a banking or fina…

(a) Money held or owing under a life or endowment insurance policy or annuity contract that has matured or terminated is presumed abandoned if unclaimed for more than three years after the money became due and payable as established from the records of the insurance company holdi…

(a) The following property distributable in the course of a demutualization or related reorganization of an insurance company is considered abandoned two years after the date of demutualization or reorganization as follows: (1) money that remains unclaimed and the owner has not o…

A deposit, including interest on the deposit, made by a subscriber with a utility to secure payment, or money paid in advance for utility services to be furnished, less lawful deductions, that remains unclaimed by the owner for more than one year after the termination of the serv…

Except to the extent otherwise ordered by a court or administrative agency, money that a business association has been ordered by the court or administrative agency to refund is presumed abandoned if it remains unclaimed by the owner for more than one year after it became payable…

(a) Stock or other equity interest in a business association is presumed abandoned five years after the earliest of the date (1) of the most recent dividend, stock split, or other distribution unclaimed by the owner; (2) that a statement of account or other notification or commun…

Intangible property distributable in the course of a dissolution of a business association that remains unclaimed by the owner for more than one year after the date specified for final distribution is presumed abandoned.

(a) Intangible property and income or increment derived from the intangible property held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within three years after it has become payable or distributable, has increased or decreased …

Except as provided by AS 34.45.720(d), intangible property held for the owner by a court, state, municipality, or other government, governmental subdivision, or agency, public corporation, or public authority, that remains unclaimed by the owner for more than one year after becom…

(a) A gift certificate or a credit memo, issued in the ordinary course of an issuer's business, that remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned. (b) In the case of a gift certificate, the amount presumed …

Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder's business and that remain unclaimed by the owner for more than one year after becoming payable are presumed abandoned.

All tangible and intangible personal property held in a safe deposit box or other safekeeping repository in a financial organization in the state in the ordinary course of the holder's business, and proceeds resulting from the sale of the property permitted by other law, that rem…

Article 4. Reporting and Disposition of Personal Property. A record of the issuance of a check, draft, or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the department's burden of proof as to the existence a…

(a) A person holding personal property, tangible or intangible, presumed abandoned and subject to custody as unclaimed property under AS 34.45.110 — 34.45.430, shall report to the department concerning the property as provided in this section. (b) The report must be made on a for…

(a) The department may require a person who has not filed a report under AS 34.45.280 or a person who the department believes has filed an inaccurate, incomplete, or false report to file a verified report in a form specified by the department. The report must state whether the pe…

(a) Except as otherwise provided in (b) of this section, a holder required to file a report under AS 34.45.280 shall maintain the records containing the information required to be included in the report for 10 years after the holder files the report, unless a shorter period is pr…

(a) The department shall notify apparent owners of unclaimed property under AS 34.45.110 — 34.45.780 in the manner and method set out in (b) of this section. In deciding whether to use an additional method specified in (b)(2) of this section, and which of those methods to use, th…

(a) Except as otherwise provided in (b) of this section, a person who is required to file a report under AS 34.45.280, shall, at the time of filing the report under that section, pay or deliver to the administrator all of the property shown on the report and remaining unclaimed b…

(a) Upon the payment or delivery of property to the department, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the department in good faith is relieved of all liability to the extent of the value of the …

Article 5. Administration of Abandoned Property. Except as provided under AS 34.45.360(d) for appreciation of securities, if property other than money is paid or delivered to the department under AS 34.45.110 — 34.45.430, the owner is entitled to receive from the department divid…

(a) Except as provided in (c) and (d) of this section, the department, within three years after receiving abandoned property, shall sell it to the highest bidder at public sale in the area of the state that the department determines to be the most favorable market for the propert…

(a) Except as otherwise provided by this section, the department shall promptly deposit in the general fund of the state all money received under AS 34.45.110 — 34.45.780, including the proceeds from the sale of abandoned property under AS 34.45.360. The department shall retain i…

(a) A person, excluding another state, claiming an interest in property paid or delivered to the department may file a claim on a form prescribed by the department and bearing a notice that statements are made under penalty of unsworn falsification in the second degree. (b) The d…

(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 th…

(a) A person aggrieved by a decision or action of the department under this chapter may apply to the department within 60 days after the mailing date of the department's notice to the person, giving notice of the grievance and requesting an informal conference. At the conference …

(a) The department may decline to receive property reported under this chapter. If the department elects not to receive custody of the property, the department shall notify the holder within 120 days after the holder files the report required under AS 34.45.280. (b) A holder, wit…

If the department determines after investigation that property delivered under this chapter has insubstantial commercial value, the department may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state or an offic…

Article 6. Enforcement and Penalties. The expiration of a period of time specified by contract, statute, or court order, during which a claim for money or property may be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for mo…

The department may bring an action in a court of competent jurisdiction to enforce AS 34.45.110 — 34.45.780.

(a) The department may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed personal property that this state or another state may be entitled to subject to a claim of custody. The departm…

Article 7. General Provisions. (a) A person who fails to pay or deliver property within the time prescribed by this chapter may be required to pay to the department interest at the annual rate calculated under AS 43.05.225 on the property or the value of it from the date the prop…

(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 mo…

AS 34.45.110 — 34.45.780 do not apply to property held, due, and owing in a foreign country and arising out of a foreign transaction.