(a) A guarantee under Alaska Stat. § 44.88.500 – 44.88.599 does not create a debt or liability of the state.
Terms Used In Alaska Statutes 44.88.502
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) A guarantee under Alaska Stat. § 44.88.500 may not be terminated, canceled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be valid.(c) A guarantee or portion of a guarantee under Alaska Stat. § 44.88.500 that relates to an export transaction must guarantee against commercial and political loss, in whole or in part, of principal and interest. The authority may require the borrower to obtain insurance against some or all of the loss guaranteed under Alaska Stat. § 44.88.500. In this subsection, “political loss” means a loss incurred as a result of
(1) a political risk that would be insurable under an export credit insurance policy issued by the Export-Import Bank of the United States; or(2) any other political risk that is actually insured under insurance the authority requires the borrower to obtain.
