(a) There is established as a special account within the commercial fishing revolving loan fund the foreclosure expense account.
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Terms Used In Alaska Statutes 16.10.342

  • 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
  • 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
(b)[Repealed, Sec. 72 ch 113 SLA 1982].
(c) The commissioner may expend money credited to the foreclosure expense account when necessary to protect the state‘s security interest in collateral on loans granted under AS 16.10.300 – 16.10.370 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
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