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Title 3 . Commerce, Community, and Economic Development
Chapter 2 . Land Sales
Section 910. Definitions

3 AAC 02.910. Definitions

In this chapter and AS 06.05,

(1) "bankruptcy clause" means the following statement: Notwithstanding any other provision in this lease, if the tenant or its successors or assigns becomes insolvent or bankrupt, or makes an assignment for the benefit of creditors, or if it or their interest in this lease is levied upon or sold under execution or other legal process, or if the bank to be operated on the demised premises is closed or taken over by a banking authority or the state or other supervisory authority, the landlord may terminate this lease only with the concurrence of the supervisory authority, and that supervisory authority will have the election to either continue or terminate the lease; however, if the lease is terminated, the maximum claim of the landlord for damages or indemnity for injuries resulting from the termination of the unexpired lease may not exceed the rent payable under this lease.

(2) "department" means the Department of Commerce, Community, and Economic Development;

(3) "division" means the division of banking and securities, within the department;

(4) "FDIC" means Federal Deposit Insurance Corporation;

(5) "FFIEC" means the Federal Financial Institutions Examination Council;

(6) "FHLBB" means the Federal Home Loan Bank Board;

(7) "federally recognized Indian tribe" means an entity that has been acknowledged as an Indian tribe by the United States under 25 C.F.R. Part 83.

History: Eff. 4/6/79, Register 70; am 3/29/80, Register 73; am 12/23/87, Register 105; em am 8/18/88 - 12/15/88, Register 107; am 1/10/94, Register 129; am 10/23/94, Register 132

Authority: AS 06.05.005

AS 06.05.540

Editor's note: 3 AAC 02.910 is based on definitions in former 3 AAC 02.180 (Eff. 7/31/69, Register 31; am 12/13/70, Register 36; repealed 4/6/79, Register 70) and former 3 AAC 02.230 (Eff. 6/8/76, Register 58; am 11/18/76, Register 60; repealed 4/6/79, Register 70) as well as new definitions added with Register 70.

As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125 (b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

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Last modified 7/05/2006