Under procedures established by regulations of the corporation adopted in accordance with AS 18.56.088 a person may pledge as security for the repayment of a loan made, purchased, or insured by the corporation under this chapter a preference right the person holds to receive title to land the person occupies as a primary place of residence, primary place of business, subsistence campsite, or as headquarters for reindeer husbandry. The preference right must be conveyed to the person by the Native corporation to which the land was granted under 43 U.S.C. 1613 before it may be pledged as security under this section. The Department of Commerce, Community, and Economic Development shall prescribe procedures and standard forms for establishing and appraising the value of a preference right held by a person to secure the repayment of a loan made, purchased, or insured by the corporation under this chapter.
Section: Previous 18.56.090 18.56.091 18.56.092 18.56.093 18.56.094 18.56.095 18.56.096 18.56.097 18.56.098 18.56.099 18.56.100 18.56.101 18.56.102 18.56.103 18.56.104 NextLast modified: November 15, 2016