Alaska Surplus Funds Laws
How mortgage foreclosure surplus, tax sale surplus and unclaimed funds work in Alaska.
Mortgage foreclosure surplus
Governing Law: For a nonjudicial deed of trust sale, AS 34.20.070–.100 applies. AS 34.20.080(f) directs the trustee to pay the beneficiary, then subordinate recorded interests by priority, then the trustor if still owner or the recorded successor. Judicial foreclosure is addressed in AS 09.45.170–.220. Deadline: AS 34.20.080 states no separate deadline to file a surplus claim; the trustee distributes proceeds after delivering the deed. Nonjudicial redemption is generally unavailable unless the deed of trust provides it (AS 34.20.090). Judicial foreclosure property may be redeemed under AS 09.45.190 and 09.35.250; that period is separate from a surplus claim.
Tax sale surplus
Governing Law: AS 29.45.480(b) governs excess proceeds after a municipal resale of tax-foreclosed real property. It applies if the municipality held the property for less than 10 years after the redemption period and never designated it for a public purpose. AS 29.45.400 and .440 govern the earlier redemption period; applicable municipal code may also apply. Deadline: The eligible former record owner must file a proper claim for excess proceeds within six months after the municipality’s later tax-foreclosure resale; a later claim is forever barred (AS 29.45.480(b)). The earlier tax-foreclosure redemption period has a different timeline under AS 29.45.400 and .440.
Unclaimed funds
Governing Law: Alaska Uniform Unclaimed Property Act, AS 34.45.110–34.45.780. Initial owner claims are governed by AS 34.45.380; review of an adverse department decision is governed by AS 34.45.400. Deadline: AS 34.45.380 states no fixed deadline for an owner to file an initial claim. After an adverse decision, AS 34.45.400 sets 60 days from mailed notice to request an informal conference or formal hearing, 30 days after an informal decision to request a formal hearing, and 30 days after a formal decision to appeal to superior court.
Fee and practice notes
File within six months of the municipal resale or the funds are gone.
Statute text
Links to the statutes referenced in our research. These may be third-party copies of older code editions, so check the current official code before relying on them.
Sources
- [2] AS 34.20.080, trustee sale proceeds and distribution.
- [3] AS 34.20.090, nonjudicial redemption.
- [4] AS 09.45.190, redemption after judicial foreclosure.
- [5] AS 09.35.250, judgment debtor redemption.
- [6] AS 29.45.400, municipal tax redemption period.
- [7] AS 29.45.440, tax redemption expiration.
- [8] AS 29.45.480(b), tax resale excess.
- [9] AS 34.45.380, unclaimed property owner claim.
- [10] AS 34.45.400, review of adverse decision.
- [11] Alaska Legislature, Title 34, including Uniform Unclaimed Property Act.
