Whenever the authority pays to a lender any sum in discharge of the state's liability as guarantor under this section, the authority shall be to that extent subrogated to the lender's right, title and interest in any security pledged to the loan. Amounts received by the authority to discharge the state's guarantee shall be returned to the treasury less any costs incurred in collection.
Source. 1989, 411:3, eff. July 1, 1989.