(a) A guarantee under AS 44.88.500 - 44.88.599 does not create a debt or liability of the state.
(b) A guarantee under AS 44.88.500 may not be terminated, canceled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be valid.
(c) A guarantee or portion of a guarantee under AS 44.88.500 that relates to an export transaction must guarantee against commercial and political loss, in whole or in part, of principal and interest. The authority may require the borrower to obtain insurance against some or all of the loss guaranteed under AS 44.88.500. In this subsection, “political loss” means a loss incurred as a result of
(1) a political risk that would be insurable under an export credit insurance policy issued by the Export-Import Bank of the United States; or
(2) any other political risk that is actually insured under insurance the authority requires the borrower to obtain.
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