{"data":{"id":"us-ak/as-06.26.780","jurisdiction":"us-ak","citation":"AS 06.26.780","heading":"Involuntary liquidation powers.","body":"(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,\n(1) sell trust company assets having an appraised value in excess of $100,000;\n(2) compromise or release a claim that exceeds $100,000 exclusive of interest;\n(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).\n(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.\n(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.","path":["Title 6. Banks and Financial Institutions.","Chapter 26. Revised Alaska Trust Company Act.","Article 10. Dissolution and Liquidation."],"source_url":"https://www.akleg.gov/basis/statutes.asp#06.26.780","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:15Z","sha256":"1d6d43c5c0ebc3e52884361789e373c5fb255e5c56399eb7c736102cc2f47f7b","source_id":"us-ak","stale":false,"prev":"us-ak/as-06.26.770","next":"us-ak/as-06.26.790"},"notice":"GroundRules: Original legal text. Not legal advice."}