Section 06.05.260. Pledge, assignment, and transfer of assets.

   (a) A bank may not give preference to a depositor or creditor by pledging any of the assets of a bank as collateral security except
        (1) to the state to secure state funds, or to a municipal corporation or other public corporation, municipal utility or municipal utility board, or political subdivision of the state to secure its funds, and to the United States as may be required to make the bank a depository for United States funds;
        (2) to secure a mortgage or deed of trust in connection with the purchase of banking premises as provided in AS 06.05.230, if the only property pledged is property purchased in the transaction; or
        (3) to a federal reserve bank or federal home loan bank in the manner required by the applicable laws, regulations, and rules of the federal reserve bank or federal home loan bank, as applicable.
   (b)   [Repealed, Sec. 102 ch 26 SLA 1993]. 
   (c) A pledge, assignment, or transfer of any of the assets of a bank in violation of this section is null and void against the creditors of the bank.

Authorities

6.05.473

Notes

References

3 AAC 02.197
AS 6.05.473 .473">Sec. 06.05.473. Claims.

History

(Sec. 3.172 ch 129 SLA 1951; am Sec. 1 ch 108 SLA 1953; am Sec. 5 ch 63 SLA 1969; am Sec. 44, 102 ch 26 SLA 1993)