Navigating the complexities of legal documentation and compliance is a critical aspect for contractors in the State of Alaska. Among these essential documents is the 08 4027B form, a pivotal tool in the assignment of cash deposits in lieu of traditional surety bonds. This form enables contractors to file a certificate of deposit or other negotiable instruments with the commissioner, thereby meeting the state's bond requirements. By completing this document, both the contractor and a representative from the bank acknowledge and facilitate the transfer of a specified amount to the Department of Alaska. This transfer acts as a surety bond, a necessary step for contractors wishing to legally register and operate within the state. The 08 4027B form not only ensures compliance with Alaska's laws but also establishes a secure method for assigning financial responsibility, safeguarding all parties involved. Its provisions grant the State of Alaska, through its authorized agents, the power to act as Attorney-in-Fact, conducting all necessary actions to fulfill this assignment's purposes. The form's rigorous specifications, including the requirement for signatures from all relevant parties and a notary public's certification, underscore its legal significance and the seriousness with which it should be approached by contractors. With such obligations and legal frameworks in place, the form acts as a cornerstone of financial and operational integrity for construction professionals within the state.
| Question | Answer |
|---|---|
| Form Name | Form 08 4027B |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | undersigned, alaska assignment, AAC, foregoing |
ASSIGNMENT OF CASH DEPOSIT
12 AAC 21.120(a)(2): A certificate of deposit or other negotiable instrument filed with the commissioner instead of bond must be accompanied by an Assignment of Cash Deposit signed by BOTH the contractor and bank representative acknowledging transfer to the department.
For Value received, the undersigned assigns and transfers to the State of Alaska, the attached
Certificate of Deposit No.
Other Security No. and type
In the amount of |
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, issued by: |
Bank Name and Address:
as and for the construction contractor's surety bond as required by the laws of the State of Alaska for the
registration of
(sole proprietor or all partners' names, the corporation name, the LLP name, or the LP name)
as a contractor doing business as |
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, |
which is a
sole proprietorship
partnership
corporation
LLC
LLP
LP
The undersigned irrevocably constitutes and appoints the State of Alaska by and through its duly authorized agents as its
It is agreed and understood that this assignment shall remain in full force and effect for the period of time provided by law for actions against the surety bond.
All persons whose names appear on the certificate or passbook account must sign below.
Applicant's Signature |
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Applicant's Signature |
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This is to certify that on this |
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day of |
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,beforeme,the |
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undersigned, a notary public in and for the State of |
, duly commissioned |
and sworn, |
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personally appeared |
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to me known to betheperson(s) |
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described in and who executed the above and foregoing Assignment of Cash Deposit, and he/she/they acknowledged to me that he/she/they signed and sealed it freely and voluntarily for the uses and purposes stated in the assignment.
WITNESS my hand and official seal on the day and year written above.
(Notary Seal) |
Notary Public for the State of |
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My Commission Expires: |
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By signature below, the issuing institution agrees that only the State of Alaska, upon presentation of written notice, shall cause the release of any and all funds described above.
Printed Name of Bank Representative |
Signature of Bank Representative |
Date |
(5) |