- Alaska Statutes.
- Title 44. State Government
- Chapter 81. Commercial Fishing and Agriculture Bank
- Section 250. Transfer of Entry Permits After Foreclosure.
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. Cancellation, Extension, and Delivery of Notices.
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AS 44.81.250. Transfer of Entry Permits After Foreclosure.
- (a) Upon foreclosure of a pledge of an entry permit under AS 44.81.241
- 44.81.249 or the termination of a debtor's interest
in an entry permit under AS 44.81.247
(b), the bank shall determine if the permit is subject to a buy-back program under AS 16.43.290
- 16.43.330 and, if it is subject to a buy-back
program, shall offer the permit to the commission at a price equal to the outstanding indebtedness on the loan.
- (b) If the permit is not subject to a buy-back program, or if the commission fails to buy back the permit within 30 days
after the commission receives the offer, the bank shall sell the permit to a person who qualifies as a transferee of an
entry permit under AS 16.43 and the regulations adopted by the
commission. The bank shall give preference to an offer to purchase a permit made by a state resident if the price
offered is equal to or greater than the price offered by a nonresident. If the proceeds of the sale of a permit exceed
the amount necessary to pay the indebtedness in full, the bank shall remit the excess to the borrower.
- (c) At any time before foreclosure of a pledge of a permit, or within 30 days following foreclosure of a pledge of a
permit, the equitable owner or former equitable owner may nominate a person to assume the loan. A person nominated must
qualify as a transferee of the permit under AS 16.43 and must
qualify to assume the loan under the requirements of the bank. If the person qualifies, the permit shall be transferred
to the nominee upon the nominee's assumption of the loan.
- (d) This section does not affect the right of the bank to institute legal actions against the borrowers, guarantors, or
other sureties for performance to collect the indebtedness owing on the loan and to take other legal action on the
collateral securing the loan.
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