HB 534: "An Act relating to the priority of certain real property liens."
00HOUSE BILL NO. 534 01 "An Act relating to the priority of certain real property liens." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 34.35.060(c) is amended to read: 04 (c) A lien created by AS 34.35.050 - 34.35.120 [IN FAVOR OF AN 05 INDIVIDUAL ACTUALLY PERFORMING LABOR UPON A BUILDING OR 06 OTHER IMPROVEMENT IN ITS ORIGINAL CONSTRUCTION OR OF A 07 TRUSTEE OF AN EMPLOYEE BENEFIT TRUST FOR THOSE INDIVIDUALS] is 08 preferred to a prior encumbrance upon the land on which the building or other 09 improvement is constructed. 10 * Sec. 2. AS 34.35.060(a) is repealed. 11 * Sec. 3. APPLICATION. (a) Except as provided in (b) of this section, this Act applies 12 to liens that are created under AS 34.35.050 - 34.35.120 on or after the effective date of this 13 Act and that arise out of construction, alteration, or repair projects begun on or after the 14 effective date of this Act. In this subsection, "construction, alteration, or repair" has the
01 meaning given in AS 34.35.120. 02 (b) Liens described in (a) of this section, except liens in favor of an individual 03 actually performing labor upon a building or other improvement in the building's original 04 construction or of a trustee of an employee benefit trust for those individuals, are not preferred 05 over encumbrances on the affected land that are recorded in the office of the recorder under 06 AS 40.17 before the effective date of this Act. In this subsection, "encumbrance" has the 07 meaning given in AS 34.35.120.