Alaska Statutes: AS 34.07.110. Release or Partial Release From Encumbrance Affecting Apartment With First Conveyance; Partial Waiver of Lien Claims.

Alaska Statutes. Title 34. Property Chapter 7. Horizontal Property Regimes Act Section 110. Release or Partial Release From Encumbrance Affecting Apartment With First Conveyance; Partial Waiver of Lien Claims.

previous: Section 100. Separation of Apartment Ownership From Common Areas and Facilities Ownership Prohibited.
next: Section 120. Liability of Grantee For Unpaid Common Expenses at Time of Conveyance.

AS 34.07.110. Release or Partial Release From Encumbrance Affecting Apartment With First Conveyance; Partial Waiver of Lien Claims.

(a) At the time of the first conveyance of each apartment, every mortgage, deed of trust, lien, or other encumbrance affecting the apartment, including the percentage of undivided interest of the apartment in the common areas and facilities, shall be paid and satisfied of record, or the apartment being conveyed and its percentage of undivided interest in the common areas and facilities shall be released by a recorded partial release.
(b) A partial waiver of lien claims created under AS 34.35.050 - 34.35.120 (mechanics liens) on unsold apartments may be obtained by following the procedures specified in AS 34.35.119 .

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.