Alaska § 06.26.690 - Authority to act as disbursing agent.
Full text of Alaska Alaska Statutes § 06.26.690 — Authority to act as disbursing agent., with citation guidance and answers to common questions.
§ 06.26.690. Authority to act as disbursing agent.
A purchasing trust company may hold the purchase price and any additional money or other assets delivered to it by the selling trust company in trust for the selling trust company and may act as an agent of the selling trust company in disbursing the money or other assets by paying the creditors of the selling trust company. If the purchasing trust company acts under a written contract of agency approved by the department that specifically names each creditor and the amount to be paid each creditor, and if the agency is limited to the purely ministerial act of paying creditors the amounts due them as determined by the selling trust company and reflected in the contract of agency and does not involve discretionary duties or authority other than the identification of the creditors named, the purchasing trust company (1) may rely on the contract of agency and the instructions included in it; and
(2) is not responsible for (A) an error made by the selling trust company when determining its liabilities, the creditors to whom the liabilities are due, or the amounts due to the creditors; or
(B) a preference that results from the payments made under the contract of agency and the instructions included in the contract.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 06.26.690
What does Alaska Statutes § 06.26.690 cover?
Section 06.26.690 ("Authority to act as disbursing agent.") 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 § 06.26.690?
A common citation format is "Alaska Statutes § 06.26.690" (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 § 06.26.690 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.