Sec. 34.45.120. General rules for taking custody of unclaimed intangible property.

444 words·~2 min read·/ak/title-34/chapter-45/34-45-120

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless otherwise provided in this chapter or by another statute of the state, intangible property is subject to the custody of the state as unclaimed property if the conditions raising a presumption of abandonment under AS 34.45.110 or 34.45.140 — 34.45.260 are satisfied and

(1)the last known address of the apparent owner, as shown on the records of the holder, is in the state;

(2)the records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in the state;

(3)the records of the holder do not reflect the last known address of the apparent owner, and it is established that

(A)the last known address of the person entitled to the property is in the state, or

(B)the holder is a domiciliary or a government or governmental subdivision or agency, including a municipality, of the state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;

(4)the last known address of the apparent owner, as shown on the records of the holder, is in a state that either does not provide by law for the escheat or custodial taking of the property, or its escheat or unclaimed property law is not applicable to the property, and the holder is a domiciliary, government, or governmental subdivision or agency, including a municipality, of the state;

(5)the last known address of the apparent owner, as shown on the records of the holder, is in a foreign nation and the holder is a domiciliary, government, or governmental subdivision, including a municipality, or agency of the state; or

(6)the transaction out of which the property arose occurred in the state and

(A)the last known address of the apparent owner or other person entitled to the property is unknown, or the last known address of the apparent owner or other person entitled to the property is in a state that either does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law does not apply to the property, and

(B)the holder is a domiciliary of a state that either does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law does not apply to the property.

Article 3. Conditions Leading to Presumption of Abandonment of Particular Types of Personal Property.