(a) An individual is entitled to an exemption as a homestead of the individual’s interest in property in this state used as the principal residence of the individual or the dependents of the individual, but the value of the homestead exemption may not exceed $54,000.
Terms Used In Alaska Statutes 09.38.010
creditor: includes the state on behalf of a victim of a crime or a delinquent act. See Alaska Statutes 09.38.500
Deed: The legal instrument used to transfer title in real property from one person to another.
exempt: means protected, and "exemption" means protection, from subjection to process or a proceeding to collect an unsecured debt. See Alaska Statutes 09.38.500
levy: means the seizure of property under a writ of attachment, garnishment, execution, or any similar legal or equitable process issued for the purpose of collecting an unsecured debt. See Alaska Statutes 09.38.500
principal residence: means the actual dwelling place of an individual or dependents of the individual and includes real and personal property. See Alaska Statutes 09.38.500
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
value: means fair market value of an individual's interest in property, exclusive of liens of record. See Alaska Statutes 09.38.500
(b) If property owned by the entirety or in common is used by one or more individual owners or their dependents as their principal residence, each owner is entitled to a homestead exemption of that owner’s interest in the property as provided in (a) of this section. The aggregate value of multiple homestead exemptions allowable with respect to a single living unit may not exceed $54,000. If there are multiple owners of property exempt as a homestead, the value of the exemption of each individual owner may not exceed the individual owner’s pro rata portion of $54,000.(c) If property that includes a homestead is sold under an execution, the sale becomes effective upon confirmation by order of the court. The court shall enter the order of confirmation unless, within 60 days after the sale, the individual repurchases the property under this section or the court extends the time for confirmation upon the filing of a timely motion by a party in interest. The individual may repurchase property, including that individual’s homestead, at a sale on execution before confirmation by paying into court the costs of the sale plus the lesser of either (1) the difference between the highest bid and the amount of the exemption in the property, or (2) the amount of the creditor‘s claim. If the individual does not exercise the repurchase right under this subsection, the clerk of the court shall first remit an amount determined to be exempt to the individual from the proceeds of sale and the balance less the cost of the sale to the creditor. For the purpose of collecting an amount remaining unpaid on a judgment after repurchase of property by an individual under this subsection, the creditor or the creditor’s assignee may not make another levy on the property repurchased.(d) Upon entry of the order of confirmation under (c) of this section and expiration of the time period for repurchase, the clerk may execute a deed to the property and when delivered it shall be sufficient to convey all title of the individual in the premises sold to the purchaser at the sale.
