§516-174  Loans; default.  The corporation
may:



(1)  Renegotiate, refinance, or foreclose any loan in
default;



(2)  Waive any default or consent to the modification
of the terms of any loan or security agreement;



(3)  Commence any action to protect or enforce any
right conferred upon it by any law, mortgage, insurance policy, contract, or
other agreement;



(4)  Bid for and purchase the property secured by the
loan at any foreclosure or other sale, or acquire or take possession of the
property secured by the loan; and



(5)  Operate, manage, lease, dispose of, or otherwise
deal with the property secured by the loan. [L 1983, c 270, pt of §1; am L
1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c
180, §16]