- Alaska Statutes.
- Title 44. State Government
- Chapter 81. Commercial Fishing and Agriculture Bank
- Section 241. Initial Notice of Default.
previous: Section 240
. Default and Foreclosure of Certain Loans Secured By Limited Entry Permits. [Repealed, Sec. 27 Ch 34 SLA 1996].
next: Section 243
. Bank Remedies After Failure to Cure.
AS 44.81.241. Initial Notice of Default.
If there is a default on a loan secured by a permit pledged under AS 44.81.231, the bank shall notify the borrowers and
guarantors on the loan of the default and of the right to cure the default by sending a notice by certified mail to
their last known address or addresses on file with the bank. The notice must include
- (1) the date of the notice;
- (2) a description of the security given for the loan, including the number assigned by the commission and the name of the
equitable owner of each permit pledged to secure the loan;
- (3) the date and nature of the default;
- (4) the amount of arrearages as of the date of the notice;
- (5) the total indebtedness, including interest, penalties, and costs of collection, remaining owing on the loan as of the
date of the notice;
- (6) the amount of daily interest to accrue from the date of the notice;
- (7) a statement that the costs of collection of the loan incurred by the bank after the date of the notice will be added
to the total amount of the indebtedness owing on the loan;
- (8) a statement that the default may be cured within 60 days from the date of the notice or within an extended time period
that is specified in an extension notice provided by the bank within the 60-day period under AS 44.81.249
- (9) the place where payment of arrearages or other cure may be made; and
- (10) a statement in at least 10 point bold type stating:
"IMPORTANT: UNLESS YOU CURE THE LOAN DEFAULT WITHIN THE TIME SPECIFIED BY THIS NOTICE, THE TOTAL INDEBTEDNESS OWING ON
THE LOAN SHALL BE IMMEDIATELY DUE AND PAYABLE TO THE BANK WITHOUT FURTHER NOTICE TO YOU. ALSO, THE BANK SHALL THEN BE
ENTITLED TO TAKE ANY LEGAL ACTION AGAINST YOU TO COLLECT THE LOAN, INCLUDING THE INSTITUTION OF LAWSUITS AND THE
FORECLOSURE OF THE PLEDGE OF ANY PERMIT PLEDGED TO SECURE THIS LOAN."
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