00                     CS FOR SENATE BILL NO. 263(L&C)                                                                    
01 "An Act relating to the subsequent acquisition of title to, or an interest in, real property                            
02 by a person to whom the property has purportedly been granted in fee or fee simple;                                     
03 and providing for an effective date."                                                                                   
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  The uncodified law of the State of Alaska is amended by adding a new section                         
06 to read:                                                                                                                
07       PURPOSE.  One purpose of this Act is to change in some cases the common law rule                                  
08 that estoppel by deed does not apply when the conveyance is made by a quitclaim deed and                                
09 that a quitclaim deed passes only the title the grantor has on the date of the quitclaim deed.                          
10    * Sec. 2.  AS 34.15 is amended by adding a new section to read:                                                    
11            Sec. 34.15.075.  Receipt of after-acquired title or interest.  (a)  In addition to                       
12       any estate passed by the grantor under AS 34.15.070, whenever a person purports by a                              
13       warranty or quitclaim deed to grant real property in fee or in fee simple to a grantee                            
14       and subsequently acquires title to, or an interest in, the real property, the subsequently                        

01       acquired title or interest passes by operation of law to the grantee or the grantee's                             
02       successors.                                                                                                       
03            (b)  This section does not apply to a conveyance by a quitclaim deed by a                                    
04       municipality or by a state agency of the legislative, executive, or judicial branch of                            
05       state government, including the University of Alaska, the Alaska Railroad                                         
06       Corporation, the Alaska Housing Finance Corporation, and the Alaska Mental Health                                 
07       Trust Authority.                                                                                                  
08    * Sec. 3.  The uncodified law of the State of Alaska is amended by adding a new section to                         
09 read:                                                                                                                   
10       APPLICABILITY.  To the extent constitutionally permissible, this Act applies to a                                 
11 title or interest that is acquired after the execution of a warranty or quitclaim deed if the title                     
12 or interest is acquired on or after the effective date of this Act, whether or not the warranty or                      
13 quitclaim deed is executed before, on, or after the effective date of this Act.                                         
14    * Sec. 4.  This Act takes effect immediately under AS 01.10.070(c).