(a) There is established in the corporation the restricted title loss reserve account. The restricted title loss reserve account consists of money appropriated to it by the legislature and deposited to it by the corporation, and shall be administered by the corporation.
Terms Used In Alaska Statutes 18.56.490
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) The corporation may withdraw money from the restricted title loss reserve account in an amount equal to the loss to the corporation on a small community housing mortgage loan originated or purchased in whole or in part by the corporation if marketable title to the real property used to secure the loan was shown under Alaska Stat. § 18.56.480(b)(2). Money withdrawn from the restricted title loss reserve account under this section shall be deposited in the Alaska housing finance revolving fund (Alaska Stat. § 18.56.082).
