Bulletin: AK000004

Date:
September 12, 1989
To:
All Alaska Agents
RE:
Fisheries Business Tax

Dear Associates:

It has been brought to my attention that a lien for unpaid fisheries business tax has priority over all other liens regardless of recording date.

This tax is a lien "upon all the real and personal property of the person liable for the tax, and upon all the real and personal property used with the permission of the owner to carry on the business which is subject to the tax". It has priority over "all other liens, mortgages, hypothecations, conveyances, and assignments". AS 43.10.042.

The fisheries tax is levied against persons in the business of salmon canned at or processed by a shore-based fisheries business and other "fisheries resources" processed by a shore-based or floating fisheries business. AS 43.75.015.

This means that we need to confirm that this tax has been paid on all policies and guarantees covering canneries or other fish processing businesses. If we cannot confirm payment, we will need to except liability for "taxes which may be due pursuant to AS 43.75.015".

This exception cannot be eliminated through foreclosure of a previously recorded deed of trust. The tax retains priority until paid.

Please contact me if you have any questions.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
19.04 Taxes And Assessments
Exceptions Manual:
AK Taxes, Real Property
Forms:
None