(a) The foreclosure expense account is established as a special account within the commercial charter fisheries revolving loan fund.
(b) The department may expend money credited to the foreclosure expense account when necessary to protect the state's security interest in collateral on loans granted under AS 16.10.815 or to defray expenses incurred during foreclosure proceedings after an obligor defaults.
Structure Alaska Statutes
Chapter 10. Fisheries and Fishing Regulations
Article 13. Commercial Charter Fisheries Revolving Loan Fund.
Sec. 16.10.801. Commercial charter fisheries revolving loan fund.
Sec. 16.10.805. Powers and duties of the department.
Sec. 16.10.815. Limitations on loans.
Sec. 16.10.825. Special account established.
Sec. 16.10.830. Disposal of property acquired after default.