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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.04. Trust Companies. |
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Article 3.04.3. Investments, Loans, Deposits, and Trust Assets. |
Section 3.04.220. Deposit of trust assets.
Latest version.
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(a) The security fund required by AS 06.26.370 may be comprised of securities that are permitted under 3 AAC 04.210 for the trust company's own account. Market values of the securities must be determined by quotations based upon actual transactions on an auction or similarly available daily bid-and-ask price market. The security fund must at all times have a readily ascertainable market value equal to or in excess of the trust money or assets retained for deposit by the trust company. (b) The trust company shall maintain adequate policies, procedures, and records to readily identify the depositor and the dollar amount of the trust money or trust assets deposited with the trust company. (c) A deposit of trust money may be secured by a pledged certificate of deposit at a depository institution if (1) the identity of the depository institution is clearly evident; and (2) the beneficial interest of each customer of trust money accepted for deposit by the trust company is clearly identified and fully insured by the Federal Deposit Insurance Corporation.
Authorities
06.26.260;06.26.370;06.26.900