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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 472. Liquidation.
previous: Section 471
next: Section 473
AS 06.05.472. Liquidation.
- (a) In liquidating a state bank, the department may exercise any power incidental to liquidating a bank, but it may not,
without the approval of the superior court,
- (1) sell an asset of the bank having an appraised value in excess of $100,000;
- (2) compromise or release a claim that exceeds $100,000, exclusive of interest;
- (3) make full payment on a claim, other than a claim upon an obligation incurred by the department, before preparing and
filing a schedule of the department's determinations under AS 06.05.473
- (b) Within six months after beginning the liquidation of a bank, the department may terminate an executory contract for
services or advertising to which the bank is a party or an obligation of the bank as a lessee. A lessor who receives 60
days' notice of the department's decision to terminate a lease does not have a claim for rent, other than rent accrued
to the date of termination, or for damages due to the termination.
- (c) As soon as practical after beginning the involuntary liquidation of a bank, the department shall take the steps
necessary to terminate all fiduciary positions held by the bank, to surrender all property held by the bank as a
fiduciary, and to settle the fiduciary accounts of the bank.
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