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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 15. Mutual Savings Bank Act
- Section 280. Investment in Promissory Notes.
previous: Section 270
. Investment in Corporate Securities.
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. Establishment of Branches.
AS 06.15.280. Investment in Promissory Notes.
Subject to the provisions of this chapter and regulations under this chapter, a mutual bank may invest in a promissory
note, subject to the following limitations:
- (1) a promissory note payable to the order of the mutual bank that is
- (A) secured by the assignment of one or more mortgages in which a mutual bank may invest if the amount so invested in the
note does not exceed 90 percent of the principal sum secured by the mortgages; the assignment of a mortgage taken as
security for the note shall be recorded or registered in the office of the proper recording officer of the recording
precinct in which the real property described in the mortgage is located;
- (B) secured by any of the bonds or other securities in which a mutual bank may invest if the amount invested in the note
does not exceed 90 percent of the market value of the bonds or other securities at the time of the investment;
- (C) secured by an insurance policy to the extent of the policy's cash surrender value;
- (D) made by a savings and loans association that has been incorporated three years or more and has an accumulated capital
of at least $50,000;
- (2) a promissory note payable to the order of the mutual bank within one year from its date that is secured by the
assignment of a deposit in a federally insured thrift institution if the amount of the investment in the note is not in
excess of the amount of the deposit.
Article 03. BRANCHES, CONVERSION, MERGER, AND CONSOLIDATION
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