Alaska Statutes 27.09.055 – Disposal of property acquired by default or foreclosure
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Terms Used In Alaska Statutes 27.09.055
- Amortization: Paying off a loan by regular installments.
- department: means the Department of Natural Resources. See Alaska Statutes 27.40.010
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- property: includes real and personal property. See Alaska Statutes 01.10.060
- state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
The department shall dispose of property acquired through default or foreclosure of a loan made under this chapter. Disposal shall be made in a manner that serves the best interests of the state and may include the amortization of payments over a period of years.