Alaska Statutes Title 34. Property § 34.80.090. Definitions

(1) “depository escrow account” means an account that holds escrow money pending completion of an escrow transaction and that is in a financial institution;

(2) “escrow money” means the money that is received by a settlement agent for an escrow transaction;

(3) “escrow transaction” means a transaction where, for the purpose of effecting and closing the sale, purchase, exchange, transfer, encumbrance, leasing, or other disposition of an interest in a single piece of residential real property, persons agree that

(4) “financial institution” means a financial institution

(5) “item” means cash, a check, a negotiable order of withdrawal, a share draft, a traveler's check, a money order, or an interbank electronic transfer; in this paragraph, “check” includes a cashier's check;

(6) “residential real property” means real property on which there are one to four attached or detached dwelling units, or any number of apartments if the apartments are in a horizontal property regime formed under AS 34.07 or any number of units if the units are in a common interest community created under AS 34.08; “residential real property” includes a manufactured home that has become real property under AS 34.85.010; in this paragraph, “manufactured home” has the meaning given in AS 45.29.102;

(7) “settlement agent” means a person who handles an escrow transaction for compensation, but does not mean a financial institution or other person when the financial institution or other person collects money for the sole purpose of applying the money to the payment of an indebtedness; “settlement agent” includes an employee of a person who handles an escrow transaction for compensation when the employee is carrying out employment duties related to the escrow transaction.