- Alaska Statutes.
- Title 34. Property
- Chapter 20. Mortgages and Trust Deeds
- Section 160. Notice of Other Remedies.
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AS 34.20.160. Notice of Other Remedies.
- (a) When a lender uses a note as evidence of an obligation secured by a mortgage or deed of trust, the note must
affirmatively advise the mortgagor or trustor and any other party bound by the note if the mortgagee or beneficiary
wants the option to bring suit directly on the note to collect an amount owing under the note without first foreclosing
the mortgage or deed of trust. This option must be stated in writing within the note or as a separate document. If a
note executed after May 24, 1988 fails to contain the notice specified in this section, the debt secured by the
mortgage or deed of trust may be foreclosed under AS 09.45.170
- 09.45.220 or AS 34.20.070
- (b) If the mortgagee or beneficiary wishes to collect an amount owing under the note without first foreclosing the
mortgage or deed of trust, the following language is sufficient in the note:
The mortgagor or trustor (borrower) is personally obligated and fully liable for the amount due under the note. The
mortgagee or beneficiary (lender) has the right to sue on the note and obtain a personal judgment against the mortgagor
or trustor for satisfaction of the amount due under the note either before or after a judicial foreclosure of the
mortgage or deed of trust under AS 09.45.170
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