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Can you summarize AKST 34.45?
Property. > Unclaimed Property.
Short Summary
The first legal document governs the handling of proceeds from the sale of property, requiring peace officers to file a return and pay any excess proceeds to the district judge or magistrate, who holds the money in trust for the owner. The second document covers the custody of unclaimed intangible property, stating that it becomes subject to the custody of the state if certain conditions are met. The third document outlines the presumption of abandonment of various types of personal property and the requirements for establishing abandonment. The fourth document governs the payment or delivery of abandoned property, requiring persons to file a report and pay or deliver the property to the administrator, unless the owner establishes their right to receive it. The fifth document pertains to the administration of abandoned property, providing options for individuals aggrieved by a decision or action of the department to seek redress. It also covers the recovery of property by another state and the process of filing a claim with the department. The sixth document specifies the deposit of money received from abandoned property into the general fund of the state and the retention of a separate trust fund for making prompt payment of allowed claims. The seventh document governs interstate agreements and cooperation related to unclaimed personal property, imposing interest and civil penalties for non-compliance. The eighth document provides general provisions related to unclaimed property, including definitions, exemptions, and the scope of the documents. No specific exemptions or penalties are mentioned in any of these documents.
Whom does it apply to?
Peace officers, district judges, magistrates, owners of property, holders of unclaimed intangible property, persons required to file a report, individuals aggrieved by a decision or action of the department, another state seeking to recover property, individuals with an interest in property paid or delivered to the department, persons who fail to pay or deliver property within the prescribed time, individuals, business associations, banking organizations, financial organizations, insurance companies, utilities, and other legal or commercial entities
What does it govern?
Handling of proceeds from the sale of property, custody of unclaimed intangible property, presumption of abandonment of personal property, payment or delivery of abandoned property, administration of abandoned property, interstate agreements and cooperation related to unclaimed personal property, general provisions related to unclaimed property
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Alaska