WAC 208-512A-080. Special rule — Sale of bank's assets — Unpaid portion of purchase price

The unpaid portion of the purchase price of a sale of a bank's asset or assets, if secured by such asset or assets, shall be excluded from the calculation of the general lending limit set forth in WAC 208-512A-010 , subject to the following terms and conditions: (1) Any sale of a bank's asset or assets, resulting in an unpaid purchase price exceeding the bank's lending limit must be approved in advance of the sale by the board of directors, including the terms of payment of such unpaid purchase price, and if the purchase is by a director, officer or employee of the bank, shall conform to RCW 30A.12.060 and the Federal Reserve Board's Regulation O, at 12 C.F.R. Sec. 215.3. (2) The bank must ensure that a security interest has been perfected in the collateral, including execution and recording or filing of documents and any other action required by state law.