Alaska § 06.05.240 - Acquisition of property to satisfy or protect previous loan.
Full text of Alaska Alaska Statutes § 06.05.240 — Acquisition of property to satisfy or protect previous loan., with citation guidance and answers to common questions.
§ 06.05.240. Acquisition of property to satisfy or protect previous loan.
A state bank may take property of any kind to satisfy or protect a loan previously made in good faith and in the ordinary course of business. A bank may not take the capital stock of the bank or of the bank's parent holding companies unless it complies with AS 06.05.205 (d). The property shall be entered on the books at cost, or fair market value, whichever is less. Property acquired to satisfy or protect previous loans shall be disposed of over periods of time as the department may prescribe by regulation.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 06.05.240
What does Alaska Statutes § 06.05.240 cover?
Section 06.05.240 ("Acquisition of property to satisfy or protect previous loan.") 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 § 06.05.240?
A common citation format is "Alaska Statutes § 06.05.240" (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 § 06.05.240 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.