New Alaska Law Incorporates UTA Changes

Legislation has been signed into law by Alaska Governor Sean Parnell on July 9th that changes the foreclosure process but avoids forced mediations and eliminates many cumbersome processes while bringing clarity to many areas that have been muddled by court decisions.  The new law, effective September 7th, also clarifies how proceeds from a trustee’s sale are to be disbursed.

Stephen Routh, Esq., Counsel for Routh Crabtree was involved with the negotiations of many of the positive elements of the bill, including the ability of trustees to nullify sales when mistakes are made that adversely affect the integrity of the sale.

UTA supported the bill but requested several changes to the language.  The final legislation incorporated those changes, including increasing the TDUS recording timeframe from 5 to 10 days and altering the original language of the bill regarding deposit of the surplus funds from “to escrow” to “in a trust account.”

Read the letter distributed to members of the Alaska House Judiciary Committee.   The letter was drafted with the assistance of Michelle Mierzwa, Esq., Counsel for Cal-Western Reconveyance.

Read the final bill, as enrolled and passed into law