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(a) An escrow agreement required under 3 AAC 08.180 may provide for the transferability of escrowed promotional shares by will, the laws of descent and distribution, or the operation of law, or by any court of competent jurisdiction and proper venue, as follows:
(1) the escrowed promotional shares of a deceased depositor may be hypothecated to pay the expenses of the deceased depositor's estate, if the hypothecated promotional shares remain subject to the terms of the escrow agreement;
(2) promotional shares may not be transferred, sold, or disposed of until the escrow agent receives a written statement signed by the proposed transferee that states that the transferee
(A) has full knowledge of the terms of the escrow agreement;
(B) accepts the promotional shares subject to the terms of the escrow agreement; and
(C) agrees that the promotional shares must remain in escrow until they are released under 3 AAC 08.184.
(b) Except as provided in (a)(1) of this section, the escrow agreement may not allow a pledge of escrowed promotional shares to secure a debt.
(c) The escrow agreement may allow a transfer of escrowed promotional shares by gift to the depositor's family members, if the promotional shares remain subject to the terms of the escrow agreement.
(d) Except as provided in (a)(2) or (c) of this section, the escrow agreement may not allow the transfer of escrowed promotional shares, an interest in those shares, or a right or title to those shares.
History: Eff. 4/19/2000, Register 154
Authority: AS 45.55.110
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Last modified 7/05/2006