Alaska Statutes
Alaska Stat. § 18.55.160 (2026)
Limitation of liability on bonds
✓ current as of July 2026
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Sec. 18.55.160. Limitation of liability on bonds.
(a) The members of the board of directors of the corporation and any person executing the bonds issued under AS 18.55.100 — 18.55.290 are not liable personally on the bonds by reason of their issuance.
(b) The bonds of the corporation issued under AS 18.55.100 — 18.55.290 are not a debt of the state or a political or municipal corporation or other subdivision of the state and each bond shall so state on its face. Neither the state nor a political or municipal corporation or other subdivision of the state other than the corporation is liable on the bonds, nor are the bonds payable out of money or property other than those of the corporation.
(c) The corporation may not pledge the faith of the people of the state for a loan or obligation that is entered into under AS 18.55.100 — 18.55.290.
(d) Bonds of the corporation issued under AS 18.55.100 — 18.55.290 are not a debt, indebtedness, or the borrowing of money within the meaning of any limitation or restriction on the issuance of bonds contained in the constitution or laws of the state.
(a) The members of the board of directors of the corporation and any person executing the bonds issued under AS 18.55.100 — 18.55.290 are not liable personally on the bonds by reason of their issuance.
(b) The bonds of the corporation issued under AS 18.55.100 — 18.55.290 are not a debt of the state or a political or municipal corporation or other subdivision of the state and each bond shall so state on its face. Neither the state nor a political or municipal corporation or other subdivision of the state other than the corporation is liable on the bonds, nor are the bonds payable out of money or property other than those of the corporation.
(c) The corporation may not pledge the faith of the people of the state for a loan or obligation that is entered into under AS 18.55.100 — 18.55.290.
(d) Bonds of the corporation issued under AS 18.55.100 — 18.55.290 are not a debt, indebtedness, or the borrowing of money within the meaning of any limitation or restriction on the issuance of bonds contained in the constitution or laws of the state.
Notes of Decisions
Cited in 1
case, 1982–1982 · leading case: Nat'l Bank of Alaska v. State, Dep't of Revenue, 642 P.2d 811 (Alaska 1982).
Nat'l Bank of Alaska v. State, Dep't of Revenue, 642 P.2d 811 (Alaska 1982). “030(b), the portion of the Alaska Business License Act pertaining to the business license fee or tax for banks; AS 18.55.160 and AS 18.55.170, pertaining to ASHA bonds; and AS 18.”
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