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(a) The time limit for disposing of real estate not necessary for the convenient transaction or promotion of a banking business, including property acquired to satisfy loans, is two years from the date the bank receives title to the property. Real property not disposed of within two years shall be written down annually at the rate of 20 percent of the book value at the time of acquisition until the book value is reduced to $10. The book value of the property must remain at $10 until disposed of by the bank.
(b) Repealed 1/10/94.
(c) The time limit for disposing of personal property not necessary for the convenient transaction or promotion of a banking business, including property acquired to satisfy loans, is one year from the date the bank receives title to the property, unless the department approves a longer time limit in a particular case. Personal property not disposed of within the time limit of this subsection shall be charged off in its entirety.
History: Eff. 12/13/70, Register 36; am 1/10/94, Register 129
Authority: AS 06.05.005 (a)
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Last modified 7/05/2006