(a) A bank may not give preference to a depositor or creditor by pledging any of the assets of a bank as collateral security except
(1) to the state to secure state funds, or to a municipal corporation or other public corporation, municipal utility or municipal utility board, or political subdivision of the state to secure its funds, and to the United States as may be required to make the bank a depository for United States funds;
(2) to secure a mortgage or deed of trust in connection with the purchase of banking premises as provided in AS 06.05.230 , if the only property pledged is property purchased in the transaction; or
(3) to a federal reserve bank or federal home loan bank in the manner required by the applicable laws, regulations, and rules of the federal reserve bank or federal home loan bank, as applicable.
(b) [Repealed, Sec. 102 ch 26 SLA 1993].
(c) A pledge, assignment, or transfer of any of the assets of a bank in violation of this section is null and void against the creditors of the bank.
Section: Previous 06.05.235 06.05.237 06.05.238 06.05.240 06.05.245 06.05.250 06.05.255 06.05.260 06.05.262 06.05.265 06.05.270 06.05.272 06.05.275 06.05.277 06.05.280 NextLast modified: November 15, 2016