You can also go to The Alaska Legal Resource Center or search the entire website.

Touch N' GoŽ, the DeskTop In-and-Out Board makes your office run smoother. Visit Touch N' Go's Website to see how.

Alaska Statutes.
Title 6. Banks and Financial Institutions
Chapter 5. Alaska Banking Code
Section 240. Acquisition of Property to Satisfy or Protect Previous Loan.
previous: Section 238. Required Directors' Meetings and Statements to the Department. [Repealed, Sec. 102 Ch 26 SLA 1993].
next: Section 245. Disposition of Property Not Needed in the Conduct of a Banking Business.

AS 06.05.240. Acquisition of Property to Satisfy or Protect Previous Loan.

A state bank may take property of any kind to satisfy or protect a loan previously made in good faith and in the ordinary course of business. A bank may not take the capital stock of the bank or of the bank's parent holding companies unless it complies with AS 06.05.205 (d). The property shall be entered on the books at cost, or fair market value, whichever is less. Property acquired to satisfy or protect previous loans shall be disposed of over periods of time as the department may prescribe by regulation.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2004. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.

Last modified 9/3/2005