§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]