Alaska Statutes > Title 38 > Chapter 95 – Miscellaneous Provisions
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Terms Used In Alaska Statutes > Title 38 > Chapter 95 - Miscellaneous Provisions
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- department: means the Department of Education and Early Development. See Alaska Statutes 14.60.010
- Donor: The person who makes a gift.
- 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
- 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.
- Intestate: Dying without leaving a will.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC