(a) In addition to loans and acquisitions expressly authorized by this chapter, a state bank may deal in, underwrite, and invest in for its own account the obligations that the department by regulation authorizes the bank to deal in, underwrite, or invest in for its own account.

Terms Used In Alaska Statutes 06.05.270

  • 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
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • 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
  • state bank: means a bank organized under this chapter. See Alaska Statutes 06.05.990
(b)[Repealed, Sec. 102 ch 26 SLA 1993].
(c) A state bank may purchase or sell, without recourse, any security upon the order of a customer and for the customer’s account.
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