Alaska Statutes 34.35.072 – Bond
Terms Used In Alaska Statutes 34.35.072
- action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
- Lien: A claim against real or personal property in satisfaction of a debt.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- 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
- property: includes real and personal property. See Alaska Statutes 01.10.060
- state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
If the owner of the property sought to be charged with a claim of lien under Alaska Stat. § 34.35.050 – 34.35.120, or a prime contractor or subcontractor disputes the correctness or validity of the claim of lien brought under Alaska Stat. § 34.35.050 – 34.35.120, the owner or contractor may record either before or after the commencement of an action to enforce the claim of lien, in the office of the recorder in which district the claim of lien was recorded, a bond executed by a person authorized to issue surety bonds in this state under Alaska Stat. Title 21, a financial institution licensed under Alaska Stat. Title 6, or a national bank authorized under the federal banking laws, in the penal sum equal to one and one-half times the amount of the claim of lien, which bond shall guarantee the payment of the sum that the lien claimant has claimed, together with the lien claimant’s reasonable cost of suit in the action, if the claimant recovers on the claim of lien. If the owner records a bond under this section, the property described in the bond is freed from the effect of a claim of lien under Alaska Stat. § 34.35.050 – 34.35.120 and an action brought to foreclose the claim of lien. The principal on the bond may be the owner of the property, the prime contractor, or a subcontractor who is affected by the claim of lien.