(a) There is established as a special account within the mining loan fund the foreclosure expense account. This account is established as a reserve from fund equity.
(b) The commissioner of commerce, community, and economic development 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 27.09.010 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
Section: Previous 27.09.010 27.09.015 27.09.020 27.09.030 27.09.040 27.09.045 27.09.050 27.09.055 27.09.060 NextLast modified: November 15, 2016