(a) There is established as a special account within the small business economic development revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity.

Terms Used In Alaska Statutes 44.88.410

  • 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
(b) The authority may expend money credited to the foreclosure expense account when necessary to protect the authority’s security interest in collateral on loans made under Alaska Stat. § 44.88.420 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
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