Section 173-98-420. Defeasance.

Latest version.

(1) No defeasance is allowed as long as the department holds the loan.

(2) Defeasance means setting money aside in a special account that is dedicated to pay all or some of the principal and interest on a debt when it comes due.

[Statutory Authority: RCW 90.48.035. WSR 07-14-096 (Order 05-16), § 173-98-420, filed 6/29/07, effective 7/30/07.]

RCW 90.48.035. WSR 07-14-096 (Order 05-16), § 173-98-420, filed 6/29/07, effective 7/30/07.

                    
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