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If the purchaser's interest in a contract is foreclosed and terminated for breach, the holder of a collateral assignment approved under AS 38.05.920 may acquire the contract, subject to the contract's terms and conditions.
History: Eff. 7/1/60, Register 1; am 8/15/64, Register 18; 2/8/2001, Register 157
Authority: AS 38.05.020
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Last modified 7/05/2006