(a) If property, or a part of it, that could have been claimed as an exempt homestead under Alaska Stat. § 09.38.010, a burial plot under Alaska Stat. § 09.38.015(a)(1), a health aid under Alaska Stat. § 09.38.015(a)(2), or personal property subject to a value limitation under Alaska Stat. § 09.38.020(a)(1), or (2) or 09.38.020(c), has been taken or sold by condemnation, or has been lost, damaged, or destroyed and the owner has been indemnified for it, the individual is entitled to an exemption of proceeds that are traceable for 12 months after the proceeds are received. An individual is entitled to an exemption of proceeds from the voluntary sale of an exempt homestead under Alaska Stat. § 09.38.010 that are traceable for six months after the proceeds are received. The exemption of proceeds under this subsection does not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Alaska Stat. § 09.38.010 or 09.38.020.
Terms Used In Alaska Statutes 09.38.060
burial plot: means a parcel of real estate that is used for burial of human remains and that is located within an area designated for cemetery purposes by the state or a municipality. See Alaska Statutes 09.38.500
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
value: means fair market value of an individual's interest in property, exclusive of liens of record. See Alaska Statutes 09.38.500
(b) Money or other property and proceeds exempt under this chapter are traceable under this section by application of the principle of first-in first-out, last-in first-out, or any other reasonable basis for tracing selected by the individual claiming the exemption.
