(a) The commissioner may not include the conditions of former Alaska Stat. § 38.05.078(d) in a remote parcel purchase contract issued on or after July 1, 1997.

Terms Used In Alaska Statutes 38.09.105

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
(b) The commissioner shall amend a remote parcel or homestead entry land purchase contract or patent issued before July 1, 1997 to remove the conditions of former Alaska Stat. § 38.05.078(d) or former Alaska Stat. § 38.09.050(e) if the holder of the purchase contract or patent

(1) requests the amendment;
(2) pays the reasonable administrative costs of the amendment as determined by the commissioner; and
(3) pays the difference, as established by the commissioner, between the land’s fair market value before the amendment and the estimated fair market value after the amendment.