Alaska Statutes (Last Updated: January 11, 2017) |
Title 06. BANKS AND FINANCIAL INSTITUTIONS. |
Chapter 06.26. REVISED ALASKA TRUST COMPANY ACT. |
Article 06.26.09. ORGANIC CHANGE. |
Section 06.26.710. Payment to creditors.
Latest version.
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A purchasing trust company may pay a creditor of the selling trust company the amount to be paid the creditor under the terms of the contract of agency entered into under AS 06.26.690 by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate of the written evidence of the credit to the creditor at the creditor's address shown in the records of the selling trust company. With regard to the creditor, the purchasing trust company is an agent of the selling trust company only to the extent of the credit reflected by the written evidence of the credit.
Notes
History
(Sec. 2 ch 77 SLA 2002)