Uniform Unclaimed Property Act

Alaska · Property · §§ 34.45.010 to 34.45.780 · 53 sections

Overview

The act governs property that has gone unclaimed by its owner — deposits and other funds held by financial institutions, insurance and annuity proceeds, travelers checks, money orders, and similar obligations held by businesses. It establishes presumptions of abandonment that fix when such property is deemed unclaimed and becomes subject to the custody of the state, and it obligates holders to report and deliver that property to a state administrator, who is empowered to adopt rules implementing the scheme. Compliance is backed by interest and penalties for failing to report, pay, or deliver on time and for fraudulent reporting, along with limits on the service charges a holder may impose, a bar on agreements that would defeat the act's requirements, and mechanisms for coordinating enforcement and claims with other states.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

AS 34.45.010Record of consignee or bailee
AS 34.45.020Consignee's or bailee's notice to owner
AS 34.45.030Sale
AS 34.45.040Presale inventory and notice
AS 34.45.050Order of sale
AS 34.45.060Sale at public auction
AS 34.45.070Proceeds of sale
AS 34.45.080Sale of perishable property
AS 34.45.085Definition
AS 34.45.090Fees of officers. [Repealed, § 14 ch 133 SLA 1986.]
AS 34.45.110General rule for property presumed abandoned
AS 34.45.120General rules for taking custody of unclaimed intangible property
AS 34.45.140Traveler's checks and money orders
AS 34.45.150Checks, drafts, and similar instruments issued or certified by banking and financial organizations
AS 34.45.160Bank deposits and money in financial organizations
AS 34.45.170Money owing under life insurance policies
AS 34.45.175Certain property distributed in insurance company reorganizations
AS 34.45.180Deposits held by utilities
AS 34.45.190Refunds held by business associations
AS 34.45.200Stock and other intangible interests in business associations
AS 34.45.210Property of business associations held in course of dissolution
AS 34.45.220Property held by agents and fiduciaries
AS 34.45.230Property held by courts and public agencies
AS 34.45.240Gift certificates and credit memos
AS 34.45.250Wages
AS 34.45.260Contents of safe deposit box or other safekeeping repository
AS 34.45.270Burden of proof as to property evidenced by record of check, draft, or similar instrument
AS 34.45.280Report of abandoned personal property
AS 34.45.290Requests for reports and examination of records
AS 34.45.300Retention of records
AS 34.45.310Notice and publication of lists of unclaimed property
AS 34.45.320Payment or delivery of abandoned property
AS 34.45.330Custody by state
AS 34.45.340Crediting of dividends, interest, or increments to owner's account
AS 34.45.360Public sale of abandoned property
AS 34.45.370Deposit of money and accounting
AS 34.45.380Filing of claim with department
AS 34.45.390Claim of another state to recover property
AS 34.45.400Action to establish claim
AS 34.45.410Election to take delivery
AS 34.45.420Destruction or disposition of property having insubstantial commercial value
AS 34.45.430Periods of limitation
AS 34.45.450Enforcement
AS 34.45.460Interstate agreements and cooperation
AS 34.45.470Interest and penalties
AS 34.45.700Agreement to locate reported property
AS 34.45.710Foreign transactions
AS 34.45.720Application; exceptions
AS 34.45.730Regulations
AS 34.45.740Uniformity of application and construction
AS 34.45.750Report by department upon failure to make report or making false report
AS 34.45.760Definitions
AS 34.45.780Short title

Enacted in other states

Idaho, Louisiana, Montana, New Jersey, New Mexico, Nevada, Oklahoma, Rhode Island, South Carolina, Tennessee, West Virginia, Wyoming

All Alaska named statutes →

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