Alaska Stat. § 06.05.211
This is the official text of Alaska Stat. § 06.05.211, part of Alaska’s Stat — part of the compiled statutory law of Alaska, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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Loans secured by forest tracts.
Official statutory text
(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a first lien on a forest tract 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 a determination of the value of the property; and
(3) the loan is secured by an amortized mortgage, deed of trust, or assignment of a federal or state timber sale contract.
(b) The aggregate of all loans made or acquired by a bank under this section may not exceed 50 percent of its combined capital, surplus, and undivided profits.
(c) In this section, forest tract means a reasonably accessible tract of land primarily covered with marketable or potentially marketable growing timber having a recognized commercial value, which is safeguarded by fire protection, insect, pest, and disease control.
(2) before the loan is made or acquired, the bank secures and maintains in its files evidence of a determination of the value of the property; and
(3) the loan is secured by an amortized mortgage, deed of trust, or assignment of a federal or state timber sale contract.
(b) The aggregate of all loans made or acquired by a bank under this section may not exceed 50 percent of its combined capital, surplus, and undivided profits.
(c) In this section, forest tract means a reasonably accessible tract of land primarily covered with marketable or potentially marketable growing timber having a recognized commercial value, which is safeguarded by fire protection, insect, pest, and disease control.
Status: in_force · Read it on the official government site
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