reglab/housing_qa huggingface dataset:
AK Stat § 06.26.700 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.700. Liquidation of selling trust company.

If a selling trust company is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing trust company shall pay to the receiver of the selling trust company the balance of the money or other assets held by the purchasing trust company in trust for the selling trust company and not yet paid to the creditors of the selling trust company. Without further action, the purchasing trust company is then discharged of all responsibilities to the selling trust company and the selling trust company's receiver, creditors, and shareholders.
AK Stat § 06.26.710 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.710. Payment to creditors.

A purchasing trust company may pay a creditor of the selling trust company the amount to be paid the creditor under the terms of the contract of agency entered into under AS 06.26.690 by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate of the written evidence of the credit to the creditor at the creditor's address shown in the records of the selling trust company. With regard to the creditor, the purchasing trust company is an agent of the selling trust company only to the extent of the credit reflected by the written evidence of the credit.
AK Stat § 06.26.720 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.720. Sale of assets.

(a) The board of a trust company, with the department's approval, may cause a trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company for trust assets, without shareholder approval if the department finds (1) the interests of the trust company's creditors and depositors and other customers are not jeopardized because of an unsafe or unsound condition of the trust company; (2) the sale is in the best interest of the trust company's creditors and depositors and other customers; and (3) the Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the trust company are not insured by the Federal Deposit Insurance Corporation or its successor. (b) A sale under this section must include an assumption and promise by the purchaser to pay or otherwise discharge (1) all of the trust company's liabilities to customers; (2) all of the trust company's liabilities for the salaries of the trust company's employees incurred before the date of the sale; (3) the obligations incurred by the department arising out of the supervision or sale of the trust company; and (4) the fees and any other payment due to the department under this chapter and assessments due to the department under AS 06.01.010. (c) This section does not limit the incidental power of a trust company to buy and sell assets in the ordinary course of its operations. (d) The sale by a trust company of all or substantially all of its assets with shareholder approval is considered a voluntary dissolution and liquidation and is governed by AS 06.26.730 - 06.26.800.
AK Stat § 06.26.740 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 10. Dissolution and Liquidation.|Sec. 06.26.740. Revocation.

(a) If the department determines that any of the following factors exist, the department may revoke, consistent with AS 06.01.030 and regulations adopted by the department under AS 06.01.030 and this chapter, a trust company's certificate of authority: (1) the existence of the trust company, or its authority to act as a fiduciary, has been terminated or suspended under the laws of the state or other jurisdiction in which the trust company is organized; (2) the trust company's authority to act as fiduciary has been terminated or suspended under the laws of the state or other jurisdiction in which the trust company is organized, or its license to act as a fiduciary has been terminated or suspended under the laws of any other jurisdiction in which the trust company had been authorized to act as a fiduciary; (3) a receiver, liquidator, or conservator has been appointed for the trust company under the laws of the state or other jurisdiction in which the trust company is organized, or for its operation in any other jurisdiction in which the trust company operates; (4) the trust company is violating or has violated or the department has reasonable cause to believe is about to violate (A) a law or regulation; (B) a condition imposed by the department in writing in connection with approving an application or notice under this chapter or granting any other request of the trust company under this chapter; (C) a written agreement that the trust company entered into with the department; (D) a cease and desist order issued by the department under AS 06.01.030; (5) the trust company is engaging in or has engaged in, or the department has reasonable cause to believe the trust company is about to engage in an unsafe or unsound practice; (6) the trust company has ceased to pay its debts in the ordinary course of business, is incapable of paying its debts as they mature, has liabilities in excess of its assets, or is subject to or has applied for an adjudication in bankruptcy, reorganization, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law; (7) the trust company has ceased to act as a fiduciary in this state; (8) the trust company has failed to pay any fees, charges, forfeitures, penalties, or other payment due to the department under this title. (b) If the department has reasonable cause to believe any of the factors identified in (a) of this section is true, and if the department determines it is necessary to protect the persons and interests in this state for whom the trust company acts as a fiduciary or to protect the property in this state to which the trust company holds title as a fiduciary or in which the trust company holds an interest as a fiduciary, the department may immediately suspend the trust company's certificate of authority.
AK Stat § 06.26.750 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 10. Dissolution and Liquidation.|Sec. 06.26.750. Authority to take possession.

If the department revokes a trust company's certificate of authority under AS 06.26.740(a), the department may take possession of the trust company's fiduciary operations in this state and may appoint a receiver for the liquidation of the trust company's fiduciary operations in this state. If the trust company has its principal place of business in this state, the department may take possession of, and appoint a receiver for the liquidation of all the trust company's fiduciary operations wherever they are conducted.
AK Stat § 06.26.760 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 10. Dissolution and Liquidation.|Sec. 06.26.760. Department in possession.

(a) When the department has taken possession of a trust company, it is vested with the full and exclusive power of management and control, including the power to act as a trustee for trust assets, to continue or discontinue the operation of the trust company, to stop or limit the payment of the trust company's obligations, to employ necessary assistants, to execute an instrument in the name of the trust company, to commence, defend, and conduct in the trust company's name any action or proceeding to which the trust company may be a party, to terminate the possession by restoring the trust company to its board, and to reorganize or liquidate the trust company under this chapter. As soon as practicable after taking possession, the department shall make an inventory of the trust assets and the trust company assets and file a copy of the inventory with the superior court. (b) When the department has taken possession, the following dates are postponed until six months after the possession begins: (1) notwithstanding other provisions of law, the date on which any period of limitation fixed by a statute or agreement would otherwise expire on a claim or right of action of the trust company; or (2) the date on which an appeal must be taken or a pleading or other document must be filed by the trust company in any pending court action or other proceeding. (c) A judgment, lien, or attachment may not be enforced against trust company assets while the assets are in possession of the department. Upon the election of the department in connection with a liquidation or reorganization, (1) any lien or attachment, other than an attorney's or mechanic's lien, obtained upon a trust company asset during the department's possession or within four months before beginning that possession may be vacated, except liens created by the department while in possession; and (2) any transfer of trust company assets made after or in contemplation of the trust company's insolvency or in anticipation of the department's takeover, with intent to effect a preference of one creditor over another creditor or to prevent the distribution of the trust company assets according to law, is void. (d) The department may borrow money in the name of the trust company in the department's possession and may pledge trust company assets as security for the loan. (e) All necessary and reasonable expenses resulting from the department's possession of a trust company and of its reorganization or liquidation shall be paid from trust company assets.
AK Stat § 06.26.770 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 10. Dissolution and Liquidation.|Sec. 06.26.770. Reorganization.

(a) If the department decides to reorganize a trust company, the department, after providing an opportunity for a hearing to all interested parties, shall enter an order proposing a reorganization plan. The department shall send a copy of the plan to each depositor and other customers and to each creditor who will not receive payment of a claim in full under the plan and a notice that, unless within 30 days the plan is disapproved in writing by persons holding one-third or more of the aggregate amount of the claims, the department will reorganize the trust company. (b) A plan of reorganization may not be established under this chapter unless, in the opinion of the department, (1) the plan is fair to all classes of depositors, other customers, creditors, and shareholders; (2) subject to a fair adjustment for new capital that a class will pay under the plan, the face amount of the trust company asset interest provided to a class of depositors, other customers, creditors, or shareholders under the plan does not exceed the value of the assets at liquidation less the full amount of the claims of all prior classes; (3) the plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits; (4) any exchange of new common stock for obligations or stock of the trust company will be made (A) in the inverse order of the priorities in liquidation of the classes that will retain an interest in the trust company; and (B) upon terms that adjust in a fair manner any change in the relative interest of the respective classes that will be produced by the exchange; (5) the plan assures the removal of a director, an officer, or an employee responsible for a problem identified by the department, including an unsafe, unsound, or unlawful action or the existence of an unsafe or unsound condition; (6) any merger or consolidation provided by the plan complies with this chapter. (c) When in the course of reorganization, supervening conditions render a plan of reorganization unfair or its execution impractical, the department may modify the plan or liquidate the trust company.
AK Stat § 06.26.780 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 10. Dissolution and Liquidation.|Sec. 06.26.780. Involuntary liquidation powers.

(a) When liquidating a trust company, the department may exercise any power incidental to liquidating a trust company, but it may not, without the approval of the superior court, (1) sell trust company assets having an appraised value in excess of $100,000; (2) compromise or release a claim that exceeds $100,000 exclusive of interest; (3) make full payment on a claim, other than a claim upon an obligation incurred by the department, before preparing and filing a schedule of the department's determinations under AS 06.26.790(d)(3). (b) Within six months after beginning the liquidation of a trust company, the department may terminate an executory contract for services or advertising to which the trust company is a party or an obligation of the trust company as a lessee. A lessor who receives 60 days' notice of the department's decision to terminate a lease does not have a claim for rent other than rent accrued to the date of termination or for damages due to the termination. (c) As soon as practical after beginning the involuntary liquidation of a trust company, the department shall take the steps necessary to terminate all fiduciary positions held by the trust company, to surrender all property held by the trust company as a fiduciary, and to settle the trust accounts of the trust company.
AK Stat § 06.26.800 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 10. Dissolution and Liquidation.|Sec. 06.26.800. Federal Deposit Insurance Corporation as receiver or liquidator.

The department may appoint the Federal Deposit Insurance Corporation or its successor as receiver for a trust company that the department has taken possession of if the deposits of the trust company are insured by that corporation or its successor. Upon filing with the court a certificate indicating the acceptance of the appointment by the Federal Deposit Insurance Corporation or its successor, the possession of and title to all the assets, business, and property of the trust company are transferred to that corporation. The department is then relieved of all responsibility and liability with respect to the reorganization or liquidation of the trust company. The Federal Deposit Insurance Corporation or its successor may liquidate, reorganize, merge, or consolidate the trust company in the manner permitted by the laws of the United States or by this chapter, and possesses all the rights, powers, duties, and obligations of the department in the liquidation, reorganization, merger, or consolidation of the trust company under this chapter.
AK Stat § 06.26.810 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.810. Fiduciary operations at a branch or trust office.

(a) An interstate state trust company, interstate national trust company, or international trust company may not act as a fiduciary in this state unless the trust company maintains a trust office in this state as permitted under AS 06.26.810 - 06.26.895. (b) If an interstate state trust company, interstate national trust company, or international trust company establishes or acquires a trust office in this state under AS 06.26.810 - 06.26.895, the trust company may conduct at the trust office any activity that a trust company may conduct at a trust office under this chapter.
AK Stat § 06.26.820 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.820. Establishing or acquiring a trust office.

If an interstate state trust company, interstate national trust company, or international trust company that does not operate a trust office in this state meets the requirements of AS 06.26.810 - 06.26.895, the trust company may establish a new trust office in this state or acquire a trust office in this state that is in existence at the time of acquisition.
AK Stat § 06.26.830 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.830. Requirement of notice.

To establish a new trust office or acquire a trust office that is in existence at the time of acquisition in this state under AS 06.26.810 - 06.26.895, an interstate state trust company, interstate national trust company, or international trust company shall provide, or cause its home jurisdiction regulator to provide, written notice of the proposed transaction to the department on or after the date on which the trust company applies to its home jurisdiction regulator for approval to establish or acquire the trust office. The trust company shall file with the notice and maintain a copy of a resolution adopted by the board of the trust company authorizing the establishment or acquisition of the office and shall pay the filing fee established by the department by regulation.
AK Stat § 06.26.860 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.860. Additional trust offices.

If an interstate state trust company or international trust company maintains a trust office in this state under AS 06.26.810 - 06.26.895, the trust company may establish or acquire additional trust offices or representative offices in this state to the same extent and in the same manner that a trust company may establish or acquire branch offices in this state under the procedures for establishing or acquiring branch offices under AS 06.26.160.
AK Stat § 06.26.870 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.870. Examinations; periodic reports; cooperative agreements; assessment of fees.

(a) When the department considers it necessary to protect the public interest, the department or a competent person designated by the department may examine an interstate state trust company or international trust company that has a trust office or a representative office in the state. The trust company shall pay a fee established under AS 06.01.010 for the examination. (b) The department may require periodic reports from an interstate state trust company or international trust company if the trust company maintains a trust office in this state and from a bank holding company that controls the trust company. The reports shall be made under oath and filed as frequently as required by the department. The reports must contain the information and detail that the department determines to be appropriate as required under regulations adopted by the department. (c) If an interstate state trust company or international trust company maintains a trust office or a representative office in this state, the trust company may be assessed and, if assessed, shall pay supervisory and examination fees as required by the laws of this state and regulations of the department. Fees may be shared with other governmental regulators or any organization affiliated with or representing governmental regulators under agreements between the department and the regulators or organization.
AK Stat § 06.26.880 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.880. Enforcement.

(a) Consistent with AS 06.01.030 and regulations adopted by the department under AS 06.01.030 or this chapter, the department may determine that (1) an office maintained by an interstate state trust company or international trust company is being operated in violation of a provision of the laws of this state or in an unsafe and unsound manner; or (2) an interstate state trust company or international trust company is engaged in an activity that the trust company may not engage in under this chapter. (b) If either of the conditions in (a) of this section exists, the department may take the enforcement actions it would be empowered to take if the office or the company were a trust company established under this chapter, including issuing an order temporarily or permanently prohibiting the trust company from acting as a fiduciary in this state. (c) If a matter involves extraordinary circumstances that require immediate action, the department may take any action permitted by this section without providing notice or an opportunity for a hearing before taking the action. The department shall promptly give notice to the home jurisdiction regulator of each enforcement action taken against an interstate state trust company or international trust company and, to the extent practicable, shall consult and cooperate with the home jurisdiction regulator when pursuing and resolving an enforcement action.
AK Stat § 06.26.890 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.890. Notice of subsequent merger, consolidation, or closing.

If an interstate state trust company, interstate national trust company, or international trust company maintains a trust office or a representative office in this state under this chapter, the trust company shall give at least 60 days' prior written notice, or, in the case of an emergency transaction, shorter notice that is consistent with applicable state and federal law, to the department of (1) a merger, consolidation, or other transaction that would cause a change of control with respect to the trust company or any bank holding company that controls the trust company if an application would be required to be filed under 12 U.S.C. 1817(j) (Change in Bank Control Act of 1978) or 12 U.S.C. 1841 - 1850 (Bank Holding Company Act of 1956); (2) a transfer of all or substantially all of the trust accounts or trust assets of the trust company to another person; (3) the closing or other disposition of any trust office of the trust company in this state.
AK Stat § 06.26.895 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.|Sec. 06.26.895. Definitions.

In AS 06.26.810 - 06.26.895, (1) “international trust company” means an international trust company whose home office is not located in this state; (2) “interstate national trust company” means an interstate national trust company whose home office is not located in this state; (3) “interstate state trust company” means an interstate state trust company whose home office is not located in this state.