(a) The department shall deposit the proceeds of real property sold under Alaska Stat. § 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 Alaska Stat. § 38.95.240.
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Terms Used In Alaska Statutes 38.95.250

  • 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
  • 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.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(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.
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