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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 211. Loans Secured By Forest Tracts.
previous: Section 210
. Loans to Directors, Officers, and Employees.
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AS 06.05.211. Loans Secured By Forest Tracts.
- (a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a first lien on a forest
- (1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the
- (2) before the loan is made or acquired, the bank secures and maintains in its files evidence of a determination of the
value of the property; and
- (3) the loan is secured by an amortized mortgage, deed of trust, or assignment of a federal or state timber sale contract.
- (b) The aggregate of all loans made or acquired by a bank under this section may not exceed 50 percent of its combined
capital, surplus, and undivided profits.
- (c) In this section, "forest tract" means a reasonably accessible tract of land primarily covered with marketable or
potentially marketable growing timber having a recognized commercial value, which is safeguarded by fire protection,
insect, pest, and disease control.
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