HB 417: "An Act relating to the unclaimed property of persons dying intestate."
00HOUSE BILL NO. 417 01 "An Act relating to the unclaimed property of persons dying intestate." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 13.12.105 is repealed and reenacted to read: 04 Sec. 13.12.105. No taker. (a) Property that is part of an intestate estate and 05 that does not have a taker under this chapter is subject to AS 34.45.280 - 34.45.780, 06 except that, if the property is not claimed under AS 34.45.280 - 34.45.780 within five 07 years after being paid or delivered to the state under AS 34.45.320, the property shall 08 be distributed as follows: 09 (1) to a community organization that is located in the city where the 10 decedent resided at the time of the decedent's death and that is selected under (b) of 11 this section; 12 (2) if the decedent did not reside in a city, to a community organization 13 that is located in the borough or unified municipality where the decedent resided at the 14 time of the decedent's death and that is selected under (b) of this section;
01 (3) to the state if the decedent did reside in a municipality at the time 02 of the decedent's death but a community organization does not apply for the property; 03 or 04 (4) to the state if the decedent did not reside in a municipality at the 05 time of the decedent's death. 06 (b) When property is subject to distribution under (a)(1) - (3) of this section, 07 the department shall place a notice in a newspaper that is distributed in the 08 municipality stating that the department has property to be distributed under this 09 section and that community organizations in the municipality may apply to the 10 department to receive the property. For distribution under (a)(1) - (3) of this section, 11 the department shall select 12 (1) the sole applicant that applies to the department; 13 (2) the applicants that apply and agree to share the property if more 14 than one community organization apply to the department and the applicants agree to 15 share the property; or 16 (3) the applicant that is identified under (c) of this section by the 17 municipality where the decedent was residing at the time of the decedent's death. 18 (c) If more than one community organization apply to receive the property but 19 the applicants decline to share the property, the city where the decedent was residing 20 at the time of the decedent's death, or the borough or unified municipality where the 21 decedent was residing at the time of the decedent's death if the decedent was not 22 residing in a city, shall identify the applicant that provides its services the most 23 broadly throughout the municipality and shall notify the department. 24 (d) With regard to personal property subject to (a) of this section, if notice to 25 heirs, substantially equivalent to that required by AS 34.45.310, has been given by the 26 personal representative or other person, AS 34.45.310 does not apply. 27 (e) In this section, 28 (1) "borough" has the meaning given in AS 29.71.800; 29 (2) "city" has the meaning given in AS 29.71.800; 30 (3) "community organization" means a person who 31 (A) is exempt from federal taxation under 26 U.S.C. 501(c)(3)
01 (Internal Revenue Code); 02 (B) is operated exclusively to provide services that promote the 03 well-being of the residents of the municipality; and 04 (C) has been operating in the municipality for at least three 05 years; 06 (4) "department" means the Department of Revenue; 07 (5) "property" includes, at the time of distribution to a community 08 organization, any interest earned on the property; 09 (6) "unified municipality" has the meaning given in AS 29.71.800.