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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 740. Revocation.
previous: Section 730
. Voluntary Liquidation.
next: Section 750
. Authority to Take Possession.
AS 06.26.740. Revocation.
- (a) If the department determines that any of the following factors exist, the department may revoke, consistent with AS 06.01.030
and regulations adopted by the department under AS 06.01.030
and this chapter, a trust company's certificate of authority:
- (1) the existence of the trust company, or its authority to act as a fiduciary, has been terminated or suspended under the
laws of the state or other jurisdiction in which the trust company is organized;
- (2) the trust company's authority to act as fiduciary has been terminated or suspended under the laws of the state or
other jurisdiction in which the trust company is organized, or its license to act as a fiduciary has been terminated or
suspended under the laws of any other jurisdiction in which the trust company had been authorized to act as a
- (3) a receiver, liquidator, or conservator has been appointed for the trust company under the laws of the state or other
jurisdiction in which the trust company is organized, or for its operation in any other jurisdiction in which the trust
- (4) the trust company is violating or has violated or the department has reasonable cause to believe is about to violate
- (A) a law or regulation;
- (B) a condition imposed by the department in writing in connection with approving an application or notice under this
chapter or granting any other request of the trust company under this chapter;
- (C) a written agreement that the trust company entered into with the department;
- (D) a cease and desist order issued by the department under AS 06.01.030;
- (5) the trust company is engaging in or has engaged in, or the department has reasonable cause to believe the trust
company is about to engage in an unsafe or unsound practice;
- (6) the trust company has ceased to pay its debts in the ordinary course of business, is incapable of paying its debts as
they mature, has liabilities in excess of its assets, or is subject to or has applied for an adjudication in
bankruptcy, reorganization, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law;
- (7) the trust company has ceased to act as a fiduciary in this state;
- (8) the trust company has failed to pay any fees, charges, forfeitures, penalties, or other payment due to the department
under this title.
- (b) If the department has reasonable cause to believe any of the factors identified in (a) of this section is true, and if
the department determines it is necessary to protect the persons and interests in this state for whom the trust company
acts as a fiduciary or to protect the property in this state to which the trust company holds title as a fiduciary or
in which the trust company holds an interest as a fiduciary, the department may immediately suspend the trust company's
certificate of authority.
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