3 AAC 02.910 - Definitions

In this chapter and AS 06.05,

(1) "bankruptcy clause" means the following statement: Notwithstanding any other provision in this lease, if the tenant or its successors or assigns becomes insolvent or bankrupt, or makes an assignment for the benefit of creditors, or if it or their interest in this lease is levied upon or sold under execution or other legal process, or if the bank to be operated on the demised premises is closed or taken over by a banking authority or the state or other supervisory authority, the landlord may terminate this lease only with the concurrence of the supervisory authority, and that supervisory authority will have the election to either continue or terminate the lease; however, if the lease is terminated, the maximum claim of the landlord for damages or indemnity for injuries resulting from the termination of the unexpired lease may not exceed the rent payable under this lease.
(2) "department" means the Department of Commerce, Community, and Economic Development;
(3) "division" means the division of banking and securities, within the department;
(4) "FDIC" means Federal Deposit Insurance Corporation;
(5) "FFIEC" means the Federal Financial Institutions Examination Council;
(6) "FHLBB" means the Federal Home Loan Bank Board;
(7) repealed 12/27/2023;
(8) "mobile facility branch bank" means a branch bank that
(A) moves from one location to another to provide banking services; or
(B) is located in or serves a remote area of the state not being adequately served by a permanently located bank or bank branch.

Notes

3 AAC 02.910
Eff. 4/6/79, Register 70; am 3/29/80, Register 73; am 12/23/87, Register 105; em am 8/18/88 - 12/15/88, Register 107; am 1/10/94, Register 129; am 10/23/94, Register 132; am 12/27/2023, Register 248, January 2024

3 AAC 02.910 is based on definitions in former 3 AAC 02.180 (Eff. 7/31/69, Register 31; am 12/13/70, Register 36; repealed 4/6/79, Register 70) and former 3 AAC 02.230 (Eff. 6/8/76, Register 58; am 11/18/76, Register 60; repealed 4/6/79, Register 70) as well as new definitions added with Register 70.

As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

Authority: AS 06.01.020

AS 06.05.005

AS 06.05.075

AS 06.05.250

AS 06.05.540

AS 06.15.010

AS 06.15.180

AS 06.15.360

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