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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 207. Real Estate Loans.
previous: Section 206
. Leasehold and Development Loans. [Repealed, Sec. 102 Ch 26 SLA 1993].
next: Section 208
. Revolving Credit Plans. [Repealed, Sec. 102 Ch 26 SLA 1993].
AS 06.05.207. Real Estate Loans.
- (a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured primarily by a first lien on
an interest in improved or unimproved real property, including leases, if
- (1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the
- (2) before the loan is made or acquired, the bank secures and maintains in its files, evidence of merchantable title and a
determination of the value of the property by a person familiar with the real property values in the vicinity where the
real property is located; and
- (3) insurance against loss from fire on all buildings on the real property that are included in the value of the property
is acquired by the borrower or the bank and is not allowed to lapse.
- (b) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a junior lien on real
- (1) payments on the loan secured by all senior liens are current and the bank retains in its records a written report of
the status and balance of the senior liens as of the date the junior lien loan is made or acquired; and
- (2) all requirements of (a) of this section are met.
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