(a) The foreclosure expense account is established as a special account in the Alaska microloan revolving loan fund.

Terms Used In Alaska Statutes 44.33.970

  • 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 department may expend money credited to the foreclosure expense account when necessary to protect the state‘s security interest in collateral on loans granted under Alaska Stat. § 44.33.960 or to defray expenses incurred during foreclosure proceedings after an obligor defaults.
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