Section 14.43.149. Lien.

   (a) The amount owing on a loan that is in default under this chapter, including principal, interest, and collection costs, is a lien upon all property and right to property, real or personal, belonging to the borrower. The lien arises at the time that the commission mails or otherwise delivers a notice of default under AS 14.43.145(b) and continues until the balance of the loan, including principal, interest, and collection costs, is paid in full.
   (b) A lien created under (a) of this section is
        (1) not valid against a mortgagee or other lienholder, pledgee, purchaser, or judgment creditor until notice of the lien is recorded in the records of the recording district where the property subject to the lien is situated; and
        (2) subject to AS 40.19.040(d).

Authorities

14.43.145;14.43.152;14.43.153;40.19.040

Notes

References

AS 14.43.145 Default.
AS 14.43.152 Initiation of administrative action to establish a collection order; required notice.
AS 14.43.153 Hearings in administrative action to establish a collection order; burden of proof.
AS 40.19.040 Duties of recorder.

History

(Sec. 27 ch 85 SLA 2001)