Alaska Statutes 34.80.010 – Characterization of escrow money
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Terms Used In Alaska Statutes 34.80.010
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- property: includes real and personal property. See Alaska Statutes 01.10.060
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
The money that is received by a settlement agent for an escrow transaction is not the property of the settlement agent and is not subject to execution, attachment, or other form of collection for a claim against the settlement agent. Escrow money may not be used for a purpose other than to fulfill the terms of the escrow transaction agreement.