Section 18.56.099. Powers of corporation to deal in mortgage loans.

The corporation may purchase, sell, hold, or otherwise deal in mortgage loans.  In connection with the purchase or sale of a beneficial interest or participation in a mortgage loan, the corporation may enter into a trust agreement providing for the custody, control, and administration of the mortgage loan. The trust agreement may provide that the corporation or a bank or trust company shall act as trustor or trustee under the trust and that title to the mortgage loans subject to the trust shall be considered to have passed as provided in the trust agreement.  To the extent provided in the trust agreement, the effect of a sale of a beneficial interest or participation in a mortgage loan is the same as the sale of the mortgage loan subject to the trust.

Authorities

18.56.098

Notes

Implemented As

15 AAC 150.040
15 AAC 151.115
15 AAC 151.400
15 AAC 151.405
15 AAC 151.415
15 AAC 151.419
15 AAC 151.425
15 AAC 151.430
15 AAC 151.435
15 AAC 151.440
15 AAC 151.500
15 AAC 151.501
15 AAC 151.505
15 AAC 151.510
15 AAC 151.515
15 AAC 151.519
15 AAC 151.520
15 AAC 151.525
15 AAC 151.530
15 AAC 151.535
15 AAC 151.540
15 AAC 151.542
15 AAC 151.545
15 AAC 151.610
15 AAC 151.655
15 AAC 151.850
15 AAC 151.855
15 AAC 151.860
15 AAC 151.865
15 AAC 151.870
15 AAC 151.950

References

AS 18.56.098 Special mortgage loan purchase program.

History

(Sec. 27 ch 106 SLA 1980)