Rhett is correct in that generally the nuts and bolts of a contract can be interpreted fairly well by the agent and/or title company if they'll extend the advice to you.

I’m having a hard time interpreting the first line in this Alaska law.

The Borrower has not repaid the loan within the contractual period of the Promissory Note.Request interpretation of the following PN statement:"If Borrower defaults in payment as required under this Note or after demand for ten (10) days, the Security will be immediately provided to the Lender and the Lender is granted all rights of repossession as secured party."

That's basically how I was interpreting everything myself.

Just because your state's L/T laws state something, your local Magistrate/Justice/Judge can intuit their own interpretation of the law. 

I *do* know that his interpretation of how it will affect taxes is this:In round numbers he got about 20% down, half of which has to go for 'depreciation recapture' and half 'fun money' (to kick of his retirement ;-) ).

Hope I succeeded.Now, I think I recall Alex saying, "do the HUD" so I probably miss interpreted what he said. 

You're mis interpreting the IRS depreciation allowed or allowable premise. 

I have seen other people interpreting it the same way. 

@Mindy Jensen, Thanks for the help@Justin Kane, I think the last post had a title that was interpreted as soliciting by the moderator.