(a) The corporation shall receive from the United States and, in its own name, take title to all rail property transferred under 45 U.S.C. § 1201 – 1214 (Alaska Railroad Transfer Act of 1982), except that the corporation does not have authority over any right, title, or interest in property transferred under this subsection that was not vested in the United States at the time of transfer. All land that is transferred or acquired by the corporation is designated as follows:

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Terms Used In Alaska Statutes 42.40.350

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: means the Alaska Railroad Corporation. See Alaska Statutes 42.40.980
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • land: means any interest in real property, including tide and submerged land, and any right appurtenant to the interest. See Alaska Statutes 42.40.980
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
(1) railroad rights-of-way are railroad utility corridors;
(2) land outside railroad utility corridors is rail land.
(b) Railroad utility corridors shall be of a width at least 100 feet on both sides of the centerline of the extended main or branch line, unless the corporation does not own or control sufficient land to allow a corridor of that width. Railroad utility corridors may be surveyed by the metes and bounds method. The corporation may not convey its entire interest in land within a utility corridor except as provided in Alaska Stat. § 42.40.285, 42.40.370 (d) and 42.40.400. However, the corporation may lease, subject to Alaska Stat. § 42.40.285 and (d) of this section, grant easements in or permits for, or otherwise authorize use of portions of a utility corridor for transportation, communication, and transmission purposes and support functions associated with those purposes, and for commercial and other uses authorized under this chapter if the use does not restrict other parallel uses of the utility corridor.
(c) The corporation may lease, subject to Alaska Stat. § 42.40.285 and (d) of this section, grant easements in or permits for, or otherwise authorize use of portions of rail land. However, the corporation may not convey its entire interest in rail land except as provided in Alaska Stat. § 42.40.285, 42.40.352, 42.40.370 (d), and 42.40.400.
(d) A lease or disposal of land approved by the legislature under Alaska Stat. § 42.40.285 by the corporation to a party other than the state shall be made at fair market value as determined by a qualified appraiser or by competitive bid.
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