Alaska § 06.05.207 - Real estate loans.
Full text of Alaska Alaska Statutes § 06.05.207 — Real estate loans., with citation guidance and answers to common questions.
§ 06.05.207. Real estate loans.
(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured primarily by a first lien on an interest in improved or unimproved real property, including leases, if (1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department;
(2) before the loan is made or acquired, the bank secures and maintains in its files, evidence of merchantable title and a determination of the value of the property by a person familiar with the real property values in the vicinity where the real property is located; and
(3) insurance against loss from fire on all buildings on the real property that are included in the value of the property is acquired by the borrower or the bank and is not allowed to lapse.
(b) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a junior lien on real property if (1) payments on the loan secured by all senior liens are current and the bank retains in its records a written report of the status and balance of the senior liens as of the date the junior lien loan is made or acquired; and
(2) all requirements of (a) of this section are met.
(c) In this section, “real property” includes a manufactured home that has become real property under AS 34.85.010 . In this subsection, “manufactured home” has the meaning given in AS 45.29.102 .
Frequently Asked Questions About Alaska § 06.05.207
What does Alaska Statutes § 06.05.207 cover?
Section 06.05.207 ("Real estate loans.") 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 § 06.05.207?
A common citation format is "Alaska Statutes § 06.05.207" (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 § 06.05.207 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.