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A blanket encumbrance must subordinate its lien to the rights of persons purchasing from the developer and provide that the developer is able to secure releases from the blanket encumbrance with respect to the property. The provisions must be acceptable to the department. For purposes of this section subordination of the lien is satisfied by a release clause which by its terms unconditionally provides for the release of contiguous and noncontiguous separate lots, units, or parcels being offered to purchaser, so that the purchaser or lessee of a lot, unit, or parcel obtains legal title, or other instrument contracted for, free and clear of the blanket encumbrance upon compliance with terms and conditions of the purchase or lease from the developer.
History: Eff. 4/3/76, Register 58
Authority: AS 34.55.010 (a)
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Last modified 7/05/2006