(a) There is established as a special account within the fisheries enhancement revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity.
(b) The commissioner may expend money credited to the foreclosure expense account when necessary to protect the state's security interest in collateral on loans made under AS 16.10.520 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
Section: Previous 16.10.500 16.10.505 16.10.507 16.10.510 16.10.520 16.10.525 16.10.530 16.10.540 16.10.550 16.10.555 16.10.560 NextLast modified: November 15, 2016