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.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 26. Revised Alaska Trust Company Act
Sec. 06.26.650. General provisions for conversions, mergers, and consolidations.
Sec. 06.26.660. Merger or consolidation.
Sec. 06.26.670. Rights of dissenters.
Sec. 06.26.680. Authority to purchase assets of another trust company.
Sec. 06.26.690. Authority to act as disbursing agent.
Sec. 06.26.700. Liquidation of selling trust company.