Section 06.05.240. Acquisition of property to satisfy or protect previous loan.

Latest version.

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.

Notes

Implemented As

3 AAC 02.135

History

(Sec. 3.168 ch 129 SLA 1951; am Sec. 41 ch 26 SLA 1993)

                    
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