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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 760. Department in Possession..
previous: Section 750
. Authority to Take Possession.
next: Section 770
AS 06.26.760. Department in Possession..
- (a) When the department has taken possession of a trust company, it is vested with the full and exclusive power of
management and control, including the power to act as a trustee for trust assets, to continue or discontinue the
operation of the trust company, to stop or limit the payment of the trust company's obligations, to employ necessary
assistants, to execute an instrument in the name of the trust company, to commence, defend, and conduct in the trust
company's name any action or proceeding to which the trust company may be a party, to terminate the possession by
restoring the trust company to its board, and to reorganize or liquidate the trust company under this chapter. As soon
as practicable after taking possession, the department shall make an inventory of the trust assets and the trust
company assets and file a copy of the inventory with the superior court.
- (b) When the department has taken possession, the following dates are postponed until six months after the possession
- (1) notwithstanding other provisions of law, the date on which any period of limitation fixed by a statute or agreement
would otherwise expire on a claim or right of action of the trust company; or
- (2) the date on which an appeal must be taken or a pleading or other document must be filed by the trust company in any
pending court action or other proceeding.
- (c) A judgment, lien, or attachment may not be enforced against trust company assets while the assets are in possession of
the department. Upon the election of the department in connection with a liquidation or reorganization,
- (1) any lien or attachment, other than an attorney's or mechanic's lien, obtained upon a trust company asset during the
department's possession or within four months before beginning that possession may be vacated, except liens created by
the department while in possession; and
- (2) any transfer of trust company assets made after or in contemplation of the trust company's insolvency or in
anticipation of the department's takeover, with intent to effect a preference of one creditor over another creditor or
to prevent the distribution of the trust company assets according to law, is void.
- (d) The department may borrow money in the name of the trust company in the department's possession and may pledge trust
company assets as security for the loan.
- (e) All necessary and reasonable expenses resulting from the department's possession of a trust company and of its
reorganization or liquidation shall be paid from trust company assets.
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