{"data":{"id":"us-ak/as-06.05.211","jurisdiction":"us-ak","citation":"AS 06.05.211","heading":"Loans secured by forest tracts.","body":"(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\n(1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department;\n(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\n(3) the loan is secured by an amortized mortgage, deed of trust, or assignment of a federal or state timber sale contract.\n(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.\n(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.","path":["Title 6. Banks and Financial Institutions.","Chapter 05. Alaska Banking Code.","Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services."],"source_url":"https://www.akleg.gov/basis/statutes.asp#06.05.211","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:15Z","sha256":"477ca25c0d371ae7302fffb67353cd3a3fc8a6508b6d292a7219a7569afd575c","source_id":"us-ak","stale":false,"prev":"us-ak/as-06.05.210","next":"us-ak/as-06.05.212"},"notice":"GroundRules: Original legal text. Not legal advice."}