A contract made in the state between borrower and lender, debtor and creditor, or mortgagor and mortgagee, on which the rate of interest is the legal rate of interest specified in AS 45.45.010 or less, by which one party agrees to pay the taxes on the debt, credit, or mortgage existing or entered into between the parties, is legal and valid and is not usurious.
Sec. 45.45.070. Enforcement of contracts entered into under AS 45.45.060 .
A contract entered into under AS 45.45.060 may be enforced by the parties to it. However in making an assessment of a credit loan or mortgage, it shall be assessed to the holder of the contract.
Section: Previous 45.45.010 45.45.020 45.45.030 45.45.040 45.45.050 45.45.060Last modified: November 15, 2016