15 AAC 145.050. Amounts in satisfaction of default

After default by the borrower, and payment by the department or any other guarantors of amounts due the lender under a loan guarantee, amounts received by the lender or the department towards satisfaction of a default must be paid as follows:

(1) first, to the lender, the department, and other guarantors, for all reasonable out-of-pocket costs and expenses incurred in activities necessitated by the default; and

(2) second, to the lender, the department, and other guarantors, according to the percentages of the loan at risk and guaranteed, respectively.

History: Eff. 2/17/85, Register 93

Authority: AS 45.94.030

AS 45.94.050

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