Section 15.152.060. Security.

	(a)  Security for the repayment of loans under this chapter will be considered acceptable if:  
		(1) the Corporation obtains a satisfactory deed of trust, subject to permitted encumbrances, on the subject property, and, when necessary, other legal documents;  
		(2) the borrower shows marketable title to the subject property in accordance with AS 18.56.480(b) and (c) or in any other manner acceptable to the executive director; and  
		(3) the borrower purchases insurance that complies with the requirements of the sellers' guide.  
	(b)  The Corporation may accept the assignment in trust of a leasehold estate as security.  
	(c)  The Corporation may accept other security than that described in this section if the executive director determines that the other security will adequately protect the Corporation.  

Authorities

18.56.088;18.56.400;18.56.500

Notes

Reference

15 AAC 152.100

Authority

AS 18.56.088 AS 18.56.400 AS 18.56.500

History

Eff. 5/7/93, Register 130; am 9/25/2002, Register 164