Alaska Statutes 44.88.620 – Disposal of property acquired by default or foreclosure
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Terms Used In Alaska Statutes 44.88.620
- Amortization: Paying off a loan by regular installments.
- 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 authority shall dispose of property acquired through default or foreclosure of a loan made from the rural development initiative fund. Disposal shall be made in a competitive manner that serves the best interests of the state, and may include the amortization of payments over a period of years. Proceeds from the disposal of property under this section shall be deposited into the fund.