(a) A specific devisee has a right to the specifically devised property in the testator‘s estate at death and

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Terms Used In Alaska Statutes 13.12.606

  • Devise: To gift property by will.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Testator: A male person who leaves a will at death.
(1) any amount of a condemnation award for the taking of the property unpaid at death;
(2) any proceeds unpaid at death on fire or casualty insurance on or other recovery for injury to the property; and
(3) property owned by the testator at death and acquired as a result of foreclosure, or obtained in lieu of foreclosure, of the security interest for the specifically devised obligation.
(b) If specifically devised property is sold or mortgaged by a conservator or by an agent acting within the authority of a durable power of attorney for an incapacitated principal, or if a condemnation award, insurance proceeds, or recovery for injury to the property are paid to a conservator or to an agent acting within the authority of a durable power of attorney for an incapacitated principal, the specific devisee has the right to a general pecuniary devise equal to the net sale price, the amount of the unpaid loan, the condemnation award, the insurance proceeds, or the recovery.
(c) The right of a specific devisee under (b) of this section is reduced by any right the devisee has under (a) of this section.
(d) For the purposes of the references in (b) of this section to a conservator, (b) of this section does not apply if after the sale, mortgage, condemnation, casualty, or recovery, it was adjudicated that the testator’s incapacity ceased and the testator survived the adjudication by one year.
(e) For the purposes of the references in (b) of this section to an agent acting within the authority of a durable power of attorney for an incapacitated principal,

(1) “incapacitated principal” means a principal who is an incapacitated person;
(2) adjudication of incapacity before death is not necessary; and
(3) the acts of an agent within the authority of a durable power of attorney are presumed to be for an incapacitated principal.
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