Alaska Statutes 06.05.240 – Acquisition of property to satisfy or protect previous loan
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 06.05.240
- 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
- capital: means the amount of outstanding common stock plus outstanding and perpetual preferred stock. See Alaska Statutes 06.05.990
- department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- good faith: means honesty in fact in the transaction and a reasonable ground for belief that the transaction is lawful, proper, or authorized. See Alaska Statutes 06.05.990
- loan: includes an extension of credit resulting from direct or indirect negotiations between a lender and a debtor. See Alaska Statutes 06.05.990
- property: includes real and personal property. See Alaska Statutes 01.10.060
- 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 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 Alaska Stat. § 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.