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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 370. Deposits of Trust Assets.
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. Pledge of Assets.
next: Section 380
. Common Investment Funds.
AS 06.26.370. Deposits of Trust Assets.
- (a) A trust company may deposit trust money or other trust assets with itself as an investment if the settlor or the
beneficiary authorizes the deposit and if
- (1) the trust company maintains as security for the deposits a separate fund of securities that may be used for trust
investments and that are under the control of a federal reserve bank or a clearing corporation in this state or
elsewhere; in this paragraph, "clearing corporation" has the meaning given in AS 45.08.102
- (2) the total market value of the security fund maintained under (1) of this subsection is at all times at least equal to
- (3) the security fund maintained under (1) of this subsection is expressly designated as a security fund; and
- (4) the security fund maintained under (1) of this subsection is maintained under the control of a person listed in AS 06.26.010
- (b) A trust company may make periodic withdrawals from or additions to the security fund required by (a) of this section
if the trust company maintains the value required by (a) of this section for the security fund. Income from the
securities in the security fund belongs to the trust company.
- (c) Notwithstanding (a) of this section, security under (a) of this section for a deposit is not required to the extent
the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
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