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(a) Guaranty of loans by the Division of Veterans' Affairs shall provide that the notice of default is to be given within 90 days after default, and that such notice shall be in writing. If such notice is not given in writing within 90 days after default in interest or principal payments, the guaranty shall be null and void. The guaranty shall further provide for assignment of the veteran's note and mortgage to the division in the event the division is called upon to honor the guaranty.
(b) A loan otherwise eligible to be guaranteed which is for an amount over the legal maximum may be guaranteed only for the legal maximum amount. In that case the guaranty applies to the first and all subsequent amounts repaid until the balance has been reduced by the amount of the guaranty, at which time the guaranty shall become void. Then the remaining balance will be eligible for a new guaranty.
History: In effect before 7/28/59
Authority: AS 26.15.010
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Last modified 7/05/2006