Alaska Statutes: AS 34.07.240. Common Expense Lien Foreclosure.

Alaska Statutes. Title 34. Property Chapter 7. Horizontal Property Regimes Act Section 240. Common Expense Lien Foreclosure.

previous: Section 230. Unpaid Common Expense is Lien On Apartment; Order of Lien Priority.
next: Section 250. Action to Recover a Judgment For Unpaid Common Expenses Does Not Waive Lien.

AS 34.07.240. Common Expense Lien Foreclosure.

(a) A common expense lien under AS 34.07.230 may be foreclosed in a civil action brought by the manager or board of directors, acting on behalf of the apartment owners, in the same manner as a lien on, or mortgage of or a deed or trust of real property.
(b) In the event of foreclosure, the apartment owner shall be required to pay a reasonable rental for the apartment, if provided for in the bylaws, and the plaintiff in the foreclosure may appoint a receiver to collect it.
(c) The manager or board of directors, acting on behalf of the apartment owners may, unless prohibited by the declaration, bid in the apartment at the foreclosure sale, and may acquire and hold, lease, mortgage, and convey the apartment.

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.