3 AAC 23.800. Collateral; fiduciary relations

(a) A licensee or surety who receives collateral in connection with a bail bond transaction shall receive the collateral in a fiduciary capacity. Until the forfeiture of bail, the licensee or surety must keep the collateral separate from any other funds or assets of the licensee or surety.

(b) Cash collateral must be maintained in accordance with AS 21.27.360 and 3 AAC 23.500 - 3 AAC 23.730.

(c) If a licensee or surety receives as collateral a document that conveys title to a lien on real property, that document must state on its face that it is executed as part of a security transaction. If that document is recorded, a conveyance of the property, executed in such a manner that it may also be recorded, must be delivered by the licensee or surety to the person executing the original conveyance or to that person's heir, legal representative, or successor in interest. Within 10 working days after notice of the exoneration of the bond in writing by the court, the licensee shall make the document available at the licensee's principal place of business or mail it upon request.

History: Eff. 12/18/92, Register 124

Authority: AS 21.06.090

AS 21.27.360

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