(a) There is established as a special account within the small business economic development revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity.
(b) The authority may expend money credited to the foreclosure expense account when necessary to protect the authority's security interest in collateral on loans made under AS 44.88.420 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
Structure Alaska Statutes
Chapter 88. Alaska Industrial Development and Export Authority
Article 5. Small Business Economic Development Revolving Loan Fund.
Sec. 44.88.400. Creation of a small business economic development revolving loan fund.
Sec. 44.88.410. Special account established.
Sec. 44.88.420. Powers and duties of the authority.
Sec. 44.88.430. Disposal of property acquired by default or foreclosure.