Alaska Statutes 06.05.215 – Liability of directors and officers for certain loans
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Alaska Statutes 06.05.215
- action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
- bank: means a person doing a banking business, including persons subject to the law of this or another jurisdiction. See Alaska Statutes 06.05.990
- department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
A director, executive officer, managing officer, or issuing officer of a state bank who knowingly or with gross negligence approves or permits the funds of the bank to be lent or overdrafts to be made in an unsafe or unsound manner, or in violation of an order of the department, the bank’s lending policies, this title, or a regulation adopted under this title, is personally liable to the bank for all the loans and overdrafts. The bank may enforce the liability against the director or officer by an action in a court of competent jurisdiction.