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 AS 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.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 05. Alaska Banking Code
Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services.
Sec. 06.05.200. Reserves against deposits.
Sec. 06.05.205. Loans and extensions of credit.
Sec. 06.05.207. Real estate loans.
Sec. 06.05.210. Loans to directors, officers, and employees.
Sec. 06.05.211. Loans secured by forest tracts.
Sec. 06.05.215. Liability of directors and officers for certain loans.
Sec. 06.05.225. Application of other laws to loans insured under national housing act.
Sec. 06.05.230. Investment in property and banking premises.
Sec. 06.05.231. Bank service corporations.
Sec. 06.05.235. Bank holding companies.
Sec. 06.05.237. Financial holding companies.
Sec. 06.05.240. Acquisition of property to satisfy or protect previous loan.
Sec. 06.05.245. Disposition of property.
Sec. 06.05.260. Pledge, assignment, and transfer of assets.
Sec. 06.05.262. Assumption of liability.
Sec. 06.05.270. Investments and customer securities.
Sec. 06.05.272. Bank subsidiaries.
Sec. 06.05.275. Trade and bank acceptances.
Sec. 06.05.277. Providing services as agent.
Sec. 06.05.280. Fees connected with obtaining mortgage loans.