(a) The foreclosure expense account is established as a special account in the mariculture 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 16.10.910 or to defray expenses incurred during foreclosure proceedings after an obligor defaults.
Structure Alaska Statutes
Chapter 10. Fisheries and Fishing Regulations
Article 14. Mariculture Revolving Loan Fund.
Sec. 16.10.890. Declaration of policy.
Sec. 16.10.900. Mariculture revolving loan fund.
Sec. 16.10.905. Powers and duties of the department.
Sec. 16.10.915. Limitations on loans.
Sec. 16.10.920. Repayment of principal of and interest on loans.
Sec. 16.10.923. Voluntary assessment on sale of shellfish.
Sec. 16.10.930. Special account established.
Sec. 16.10.935. Disposal of property acquired after default.