Alaska Statutes: AS 18.56.480. Title.

Alaska Statutes. Title 18. Health, Safety, Housing, Human Rights, and Public Defender Chapter 56. Alaska Housing Finance Corporation Section 480. Title.

previous: Section 470. Interest On Loans.
next: Section 490. Restricted Title Loss Reserve Account.

AS 18.56.480. Title.

   (a) Before the corporation originates or purchases a small community housing mortgage loan in whole or in part, the corporation may require a borrower to show marketable title to real property offered as security for the loan to be purchased.
   (b) A borrower may show marketable title to real property for the purposes of (a) of this section
        (1) by purchasing title insurance from a title insurance company authorized to do business in the state; or
        (2) by delivering to the corporation a copy of a letter of intent signed by an authorized representative of the United States Department of the Interior that shows the transfer of title to the property from the United States government to the borrower if
             (A) the borrower is an Alaska Native; and
             (B) title to the property was originally transferred from the United States government, directly or indirectly, to the borrower under federal law.
   (c) For the purposes of this section, a deed which federal law prohibits or limits the power to transfer or encumber and which would otherwise constitute marketable title to real property is considered marketable title to real property if the United States Bureau of Indian Affairs or another appropriate federal agency waives immunity under the federal law from foreclosure or other alienation of the real property.

This version of the Alaska Statutes is current through December, 2022. 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.