Alaska Statutes 45.88.015 – Special account established

(a) There is established, as a special account within the revolving loan fund established under Alaska Stat. § 45.88.010, the foreclosure expense account. This account is established as a reserve from fund equity.

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Terms Used In Alaska Statutes 45.88.015

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) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state‘s security interest in collateral on loans made under Alaska Stat. § 45.88.020 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.

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