Alaska § 06.15.280 - Investment in promissory notes.
Full text of Alaska Alaska Statutes § 06.15.280 — Investment in promissory notes., with citation guidance and answers to common questions.
§ 06.15.280. Investment in promissory notes.
Subject to the provisions of this chapter and regulations under this chapter, a mutual bank may invest in a promissory note, subject to the following limitations: (1) a promissory note payable to the order of the mutual bank that is (A) secured by the assignment of one or more mortgages in which a mutual bank may invest if the amount so invested in the note does not exceed 90 percent of the principal sum secured by the mortgages; the assignment of a mortgage taken as security for the note shall be recorded or registered in the office of the proper recording officer of the recording precinct in which the real property described in the mortgage is located;
(B) secured by any of the bonds or other securities in which a mutual bank may invest if the amount invested in the note does not exceed 90 percent of the market value of the bonds or other securities at the time of the investment;
(C) secured by an insurance policy to the extent of the policy's cash surrender value;
(D) made by a savings and loans association that has been incorporated three years or more and has an accumulated capital of at least $50,000;
(2) a promissory note payable to the order of the mutual bank within one year from its date that is secured by the assignment of a deposit in a federally insured thrift institution if the amount of the investment in the note is not in excess of the amount of the deposit.
Article 3. Branches, Conversion, Merger, and Consolidation.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 06.15.280
What does Alaska Statutes § 06.15.280 cover?
Section 06.15.280 ("Investment in promissory notes.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 06.15.280?
A common citation format is "Alaska Statutes § 06.15.280" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 06.15.280 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.