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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 780. Involuntary Liquidation Powers.
previous: Section 770
next: Section 790
AS 06.26.780. Involuntary Liquidation Powers.
- (a) When liquidating a trust company, the department may exercise any power incidental to liquidating a trust company, but
it may not, without the approval of the superior court,
- (1) sell trust company assets having an appraised value in excess of $100,000;
- (2) compromise or release a claim that exceeds $100,000 exclusive of interest;
- (3) make full payment on a claim, other than a claim upon an obligation incurred by the department, before preparing and
filing a schedule of the department's determinations under AS 06.26.790
- (b) Within six months after beginning the liquidation of a trust company, the department may terminate an executory
contract for services or advertising to which the trust company is a party or an obligation of the trust company as a
lessee. A lessor who receives 60 days' notice of the department's decision to terminate a lease does not have a claim
for rent other than rent accrued to the date of termination or for damages due to the termination.
- (c) As soon as practical after beginning the involuntary liquidation of a trust company, the department shall take the
steps necessary to terminate all fiduciary positions held by the trust company, to surrender all property held by the
trust company as a fiduciary, and to settle the trust accounts of the trust company.
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