Section 06.26.260. Pledge of assets.

Latest version.

   (a) A trust company may not pledge or create a lien on any of the assets belonging to the trust company except to secure
        (1) the repayment of money borrowed;
        (2) trust deposits as specifically authorized or required by AS 06.26.370 or by regulations adopted under this chapter; or
        (3) deposits made by the United States government, the state, or a municipality, or an agency of those governmental bodies.
   (b) An act, a deed, a conveyance, a pledge, or a contract that violates this section is void.

Notes

Implemented As

3 AAC 04.220

History

(Sec. 2 ch 77 SLA 2002)

                    
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