A broker in Anchorage is holding a $15,000 earnest money deposit in her trust account. The transaction falls through and the buyer cannot be located after repeated attempts. Under Alaska law, what must the broker ultimately do with these unclaimed trust account funds?
Correct Answer
C) Escheat the funds to the State of Alaska after the dormancy period required under AS 34.45
Under the Alaska Uniform Disposition of Unclaimed Property Act (AS 34.45), unclaimed property—including unclaimed earnest money and trust account funds—must be reported and eventually escheated (turned over) to the State of Alaska after the applicable dormancy period has elapsed. The broker cannot simply retain the funds or redirect them to another party.
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Previous Question
A buyer in Wasilla is purchasing a property that sits on land conveyed to an Alaska Native village corporation under the Alaska Native Claims Settlement Act (ANCSA). The buyer's lender is concerned about providing a conventional loan. Which of the following BEST explains the lender's primary concern regarding ANCSA land?
Next Question
A borrower in Anchorage obtains a $320,000 deed of trust loan at a fixed annual interest rate of 6%. The loan is interest-only for the first year. During the first full month of the loan, what is the borrower's interest payment?