The money that is received by a settlement agent for an escrow transaction is not the property of the settlement agent and is not subject to execution, attachment, or other form of collection for a claim against the settlement agent. Escrow money may not be used for a purpose other than to fulfill the terms […]
(a) A settlement agent shall segregate on the records of the settlement agent the escrow money from one escrow transaction from all other money, including the escrow money of other escrow transactions. Escrow money from more than one escrow transaction may be deposited into a single depository escrow account. (b) A settlement agent shall deposit […]
Notwithstanding any other provision of law, interest may not be collected or paid by a settlement agent on money held for an escrow transaction unless authorized in writing by the parties to the escrow transaction, including the settlement agent.
(a) A settlement agent may not disburse escrow money unless items that are at least equal in value to the proposed disbursements have been received by the settlement agent for the escrow transaction, have been deposited as required by AS 34.80.020(b), and are available for withdrawal as a matter of right from the depository escrow […]
A settlement agent may not record in the office of the recorder in this state or record in an office in another state that is equivalent to the office of the recorder, file under AS 45.29 in this state or file under an equivalent statute in another state, or deliver a conveyance of property, loan […]
In this chapter, (1) “depository escrow account” means an account that holds escrow money pending completion of an escrow transaction and that is in a financial institution; (2) “escrow money” means the money that is received by a settlement agent for an escrow transaction; (3) “escrow transaction” means a transaction where, for the purpose of […]
This chapter may be cited as the Good Funds Act.
