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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 810. Taking Possession of Licensee.
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AS 10.13.810. Taking Possession of Licensee.
- (a) If the department finds that a factor in AS 10.13.800
is true with respect to a licensee and that it is necessary for the protection of the interests of the licensee or of
the public, the department may take immediate possession of the property and business of the licensee and appoint a
conservator for the licensee.
- (b) The department may appoint as conservator one of the employees of the department or another competent and disinterested person. The department shall be reimbursed out of
the assets of the conservatorship for all money expended by the department in connection with the conservatorship. Upon
the approval of the department, the expenses of the conservatorship paid for by the department shall be paid out of the
assets of the licensee. Payment of the department expenses shall take priority over other payments from the assets and
shall be fully paid before a final distribution is made.
- (c) Under the direction of the department, the conservator shall take possession of the books, records, and assets of the
licensee and shall take other action that is necessary to conserve the assets of the licensee or to ensure payment of
obligations of the licensee pending further disposition of the licensee's business.
- (d) At an appropriate time, the department may terminate the conservatorship and permit the licensee to resume the
transaction of the licensee's business subject to the terms, conditions, restrictions, and limitations the department
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