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Title 3 . Commerce, Community, and Economic Development
Chapter 8 . Land Sales
Section 184. Documentation of termination of escrow

3 AAC 08.184. Documentation of termination of escrow

(a) A request to the escrow agent for the release of promotional shares from escrow must be in writing. The issuer shall provide the escrow agent with documentation showing that the requirements of 3 AAC 08.182 have been met.

(b) The escrow agent shall maintain all records relating to an escrow agreement required under 3 AAC 08.180 for three years following the date of termination of the agreement. The escrow agent shall forward promptly a copy of each record retained by the escrow agent to the administrator upon written request. For purposes of this subsection, the escrow agreement terminates when all of the promotional shares have been released or the issuer's equity securities or the issuer's assets have been distributed under the agreement.

History: Eff. 4/19/2000, Register 154

Authority: AS 45.55.110

AS 45.55.950

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Last modified 7/05/2006