Alaska § 34.80.040 - Disbursement of escrow money.
Full text of Alaska Alaska Statutes § 34.80.040 — Disbursement of escrow money., with citation guidance and answers to common questions.
§ 34.80.040. Disbursement of escrow money.
(a) A settlement agent may not disburse escrow money unless items that are at least equal in value to the proposed disbursements have been received by the settlement agent for the escrow transaction, have been deposited as required by AS 34.80.020 (b), and are available for withdrawal as a matter of right from the depository escrow account.
(b) A settlement agent may not disburse escrow money on the same business day as the items are deposited under AS 34.80.020 (b) unless the deposit is made in cash, by interbank electronic transfer, or in a form that permits conversion of the deposit to cash on the same day the deposit is made.
(c) A settlement agent may not disburse escrow money on the business day after the business day on which the items are deposited under (a) of this section unless the deposit is made by (1) a cashier's check or a certified check and the cashier's check or certified check is payable in the state and drawn on a financial institution located in the state;
(2) a cashier's check, a negotiable order of withdrawal, a money order, or another item and the check, order of withdrawal, money order, or other item has been finally paid before the disbursement; or
(3) a depository check, including a cashier's, certified, or teller's check, that is governed by 12 U.S.C. 4001 — 4010 (Expedited Funds Availability Act).
(d) In (a) of this section, “available for withdrawal as a matter of right” means (1) when the item has been submitted for collection and payment for the item has been received;
(2) when the financial institution where an item has been deposited considers the money represented by the item available for withdrawal; or
(3) unless written notification has been received from the financial institution where the item was deposited establishing a longer period for an item drawn on an out-of-state financial institution, after a reasonable time has passed for prohibiting customers from drawing on the item.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 34.80.040
What does Alaska Statutes § 34.80.040 cover?
Section 34.80.040 ("Disbursement of escrow money.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 34.80.040?
A common citation format is "Alaska Statutes § 34.80.040" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 34.80.040 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.