Sec. 34.45.720. Application; exceptions.

208 words·~1 min read·/ak/title-34/chapter-45/34-45-720

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

(a)AS 34.45.110 — 34.45.780 do not relieve a holder of a duty that arose before September 7, 1986 to report, pay, or deliver property. A holder who did not comply with the law in effect before September 7, 1986 is subject to the applicable enforcement and penalty provisions that existed before September 7, 1986, and the applicable enforcement and penalty provisions are continued in effect for the purpose of this subsection.

(b)The initial report filed under AS 34.45.280 for property that was not required to be reported before September 7, 1986 but that is subject to AS 34.45.110 — 34.45.780 must include all items of property that would have been presumed abandoned during the six-year period preceding September 7, 1986, as if AS 34.45.110 — 34.45.780 had been in effect during that period.

(c)AS 34.45.110 — 34.45.780 do not apply to a disbursement for the payment of a permanent fund dividend.

(d)Checks, drafts, currency, and tangible property that are found and turned over to, or found and recovered by, a law enforcement agency of a municipality are not subject to AS 34.45.110 — 34.45.780 if the municipality has adopted an ordinance providing for the custody and disposition of the property.