11 AAC 54.480. Conditional contract

The state may conditionally sell land it selects under various federal land grants and lands it reasonably believes it will own or will acquire title to prior to the actual receipt of title. Contracts issued on this conditional basis shall be cancelled in whole or part in the event the state is denied title to said lands. Contract payments made by the vendee on the land to which title is denied the state shall be refunded to the contract holder of record and any properly recorded lienholder, if any, jointly. However, the state shall in no way be liable for any damage that may be done to the land by the vendee, or liable for any claim of any third party or to any claim that may arise from ownership. In the event the state does receive title to the land under contract, the conditional contract shall then have the same standing, force and effect as non-conditional contracts issued under the regulations of this chapter.

History: Eff. 7/1/60, Register 1; am 8/15/64, Register 18

Authority: AS 38.05.020

AS 38.05.045

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