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In connection with a default on a loan made by the department, it will, in its discretion, repossess property in any of the following ways:
(1) judicial or nonjudicial foreclosure on real estate;
(2) U.S. Marshal's foreclosure sale on documented vessels under Federal Maritime Law;
(3) Uniform Commercial Code (UCC) foreclosure, which may include documented vessels, AK-registered vessels, vehicles, mobile homes, airplanes, inventory and equipment;
(5) deed, bill of sale, or transfer instead of foreclosure;
(6) repossession of title vehicle;
(7) bankruptcy proceeding;
(8) limited entry permit foreclosure; or
(9) other manner consistent with federal and state law.
History: Eff. 3/29/86, Register 97
Authority: AS 16.10.310 (a)
AS 16.10.510 (4)
AS 44.33.020 (1)
AS 44.33.245 (a)
AS 45.88.020 (a)
AS 45.90.020 (a)
AS 45.98.030 (3)
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Last modified 7/05/2006