(a) A trust company may not pledge or create a lien on any of the assets belonging to the trust company except to secure
(1) the repayment of money borrowed;
(2) trust deposits as specifically authorized or required by AS 06.26.370 or by regulations adopted under this chapter; or
(3) deposits made by the United States government, the state, or a municipality, or an agency of those governmental bodies.
(b) An act, a deed, a conveyance, a pledge, or a contract that violates this section is void.
Section: Previous 06.26.250 06.26.260Last modified: November 15, 2016