(a) Notice of the existence of a community property agreement, a community property trust, a marriage, or the termination of a marriage does not affect the status of a purchaser as a bona fide purchaser.
Terms Used In Alaska Statutes 34.77.080
Contract: A legal written agreement that becomes binding when signed.
Fraud: Intentional deception resulting in injury to another.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
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
Lien: A claim against real or personal property in satisfaction of a debt.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) Community property purchased by a bona fide purchaser from a spouse having the right to manage and control the property under Alaska Stat. § 34.77.040 is acquired free of any claim of the other spouse. The effect of this subsection may not be varied by a community property agreement or a community property trust.(c) In this section,
(1) “bona fide purchaser” means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, and has acted in the transaction in good faith; in this paragraph, a purchaser gives “value” for property if the property is acquired
(A) in return for a binding commitment to extend credit;(B) as security for or in total or partial satisfaction of a preexisting claim;(C) by accepting delivery under a preexisting contract for purchase; or(D) in return for other consideration sufficient to support a contract;(2) “purchaser” means a person who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien, or otherwise deals with property in a voluntary transaction other than making a gift.
