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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 260. Pledge, Assignment, and Transfer of Assets.
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. Assumption of Liability.
AS 06.05.260. Pledge, Assignment, and Transfer of Assets.
- (a) A bank may not give preference to a depositor or creditor by pledging any of the assets of a bank as collateral
- (1) to the state to secure state funds, or to a municipal corporation or other public corporation, municipal utility or
municipal utility board, or political subdivision of the state to secure its funds, and to the United States as may be
required to make the bank a depository for United States funds;
- (2) to secure a mortgage or deed of trust in connection with the purchase of banking premises as provided in AS 06.05.230
, if the only property pledged is property purchased in the transaction; or
- (3) to a federal reserve bank or federal home loan bank in the manner required by the applicable laws, regulations, and
rules of the federal reserve bank or federal home loan bank, as applicable.
- (b) [Repealed, Sec. 102 ch 26 SLA 1993].
- (c) A pledge, assignment, or transfer of any of the assets of a bank in violation of this section is null and void against
the creditors of the bank.
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