(a) After a judgment of escheat under Alaska Stat. § 38.95.220, the department may sell, lease, exchange, assign, or otherwise manage real property that has escheated to the state. In determining the proper disposition of escheated real property the department shall, within two years after the judgment of escheat under Alaska Stat. § 38.95.220, make a written finding that it is in the best interests of the state either to

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Terms Used In Alaska Statutes 38.95.230

  • Appraisal: A determination of property value.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
(1) obtain an appraisal of the fair market value of the real property and sell, lease, exchange, assign, or otherwise manage the property, including retention in state management; or
(2) retain the real property in state management without obtaining an appraisal.
(b) The appraised value of property handled under (a)(1) of this section, or the selling price from a sale under Alaska Stat. § 38.05.055 if it is lower, less the expenses of sale or appraisal, is the established value of the property for purposes of redemption by an heir or other taker under Alaska Stat. § 38.95.240(c).
(c) Seven years after the judgment of escheat, real property that has not been otherwise disposed of by the department becomes general state land for classification, disposal, and use.
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