§ 11-34-123 — Foreclosure proceedings; duty of attorney general; deed in lieu of foreclosure

(a) Any foreclosure of any mortgage provided for by this
act shall be made in the usual manner, either by civil action or
by advertisement as the board may direct. In cases of
foreclosure the attorney general shall render all services
needed in connection with the foreclosure proceedings, and the
costs, fees and expenses may be taxed in like manner and to the
same effect as if the state of Wyoming were a natural person.
Payment of proceeds upon foreclosure shall be made in accordance
with W.S. 34-4-113. All monies received by the state from sale
of the land acquired by foreclosure or by redemption of land
sold on foreclosure, in excess of the amount owing to the
appropriate permanent fund account and the interest due thereon,
shall be credited to the loss reserve account as provided by
W.S. 11-34-202(e). The board may extend the time of payment of
any interest or installment payment due on any farm loan for as
long as the board deems proper, and distribute the defaulted
payments including interest, over undue payments in a manner and
under terms the board deems just, each loan to be judged on its
own merits without regard to any general rule. It is the
intention of this section to authorize the board to consider and
determine whether any mortgages executed by virtue of this act
shall be foreclosed or renewed, with or without penalty, but no
renewal shall extend beyond the due date of the original loan or
any extension of the term by reamortization authorized by W.S.
11-34-113(d).
(b) Repealed By Laws 2010, Ch. 69, § 204.
(c) Notwithstanding other provisions of this section the
state loan and investment board by unanimous vote may accept a
deed in lieu of foreclosure, provided:
(i) The board determines any remaining liability is
not collectible; and
(ii) Any loss to any permanent fund resulting from
the acceptance of the deed in lieu of foreclosure is restored as
provided by W.S. 11-34-202(f).