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Can you summarize AKST 34.45 Article 6?
Unclaimed Property. > Enforcement and Penalties.
Short Summary
This legal document governs interstate agreements and cooperation related to unclaimed personal property. It applies to persons who fail to pay or deliver property within the time prescribed by this chapter. Failure to comply with the requirements may result in the imposition of interest at the annual rate calculated under AS 43.05.225 on the property or its value, as well as civil penalties calculated under AS 43.05.220. Additionally, intentionally refusing to pay or deliver property to the department after written demand is considered a class A misdemeanor. No specific exemptions are mentioned in this document.
Whom does it apply to?
Persons who fail to pay or deliver property within the time prescribed by this chapter
What does it govern?
Interstate agreements and cooperation related to unclaimed personal property
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
Interest at the annual rate calculated under AS 43.05.225 on the property or the value of it from the date the property should have been paid or delivered. Civil penalties calculated under AS 43.05.220 on the property or the value of the property that the person had a duty to pay, deliver, or report to the department. Class A misdemeanor for intentionally refusing to pay or deliver property to the department after written demand.
Jurisdiction
Alaska