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- Alaska Statutes.
- Title 16. Fish and Game
- Chapter 10. Fisheries and Fishing Regulations
- Section 335. Default and Foreclosure.
previous: Section 333
. Loans For Purchase of Alaska Limited Entry Permits.
next: Section 337
. Deficiencies and Transfer of Entry Permits After Foreclosure.
AS 16.10.335. Default and Foreclosure.
- (a) If the debtor defaults upon a note for which a limited entry permit has been pledged as security under AS 16.10.333
or 16.10.338, the commissioner shall provide the
debtor, by both certified and first class mail sent to the debtor's last known address on file with the commissioner,
with a notice of default that includes
- (1) a description of the security given for the note including the number assigned to the pledged permit by the
- (2) the date upon which the default occurred;
- (3) the amount of the debtor's outstanding principal and interest as of the date of the default notice, the total amount
remaining on the note less unearned interest, and the amount of daily interest;
- (4) a statement that the debtor may, within 15 days after the postmark date of the notice, request a hearing to submit
evidence showing the debtor has not defaulted;
- (5) a statement that the note may be reinstated if it is brought current within 120 days after the postmark date of the
- (6) a statement that, under AS 16.10.310
(a)(4), the debtor may reinstate the note by submitting to the commissioner a plan of repayment if the commissioner
accepts the debtor's plan of repayment;
- (7) the place where reinstatement of the note or payment in full may be made; and
- (8) a notice in at least 10-point bold type stating: IMPORTANT: YOUR FAILURE TO REINSTATE OR PAY THIS NOTE IN FULL BY THE
DATE SPECIFIED WILL RESULT IN A FORFEITURE OF ALL RIGHTS TO THE PERMIT AND THE POSSIBILITY OF LEGAL ACTION BEING
INSTITUTED AGAINST YOU.
- (b) In each case of a limited entry permit being pledged as security under AS 16.10.333
or 16.10.338, the debtor shall maintain on file with
the department an address where notice of default is to be sent, if necessary, and where that notice will be timely
received by the debtor.
- (c) Upon presentation of evidence of mailing in accordance with (a) of this section, the receipt of the notice of default
by the debtor will be presumed for all purposes. This presumption is rebuttable by presentation of evidence sufficient
to demonstrate lack of receipt of notice through no fault of the debtor. Upon presentation of evidence sufficient to
prove lack of receipt of notice through no fault of the debtor, the notice is a nullity.
- (d) If requested by the debtor, the commissioner may waive any of the time limits in (a) of this section for a period not
to exceed 60 days if
- (1) the debtor demonstrates good cause for the waiver; and
- (2) the commissioner sets out in writing the reasons for approving the waiver.
- (e) Except as otherwise provided in (c) and (d) of this section, if the debtor fails to reinstate or satisfy the note
within the time specified in (a)(5) of this section, the debtor's interest in the permit is terminated by operation of
law without further notice.
- (f) Notwithstanding (a) of this section, when a debtor files bankruptcy, the debtor's interest in the limited entry permit
is terminated by operation of law without further notice as of the date that the automatic stay issued in the
bankruptcy is no longer in effect, unless the debtor has reaffirmed the debt.
- (g) If a limited entry permit that has been pledged as security under AS 16.10.333
or 16.10.338 is revoked under AS 16.43.970
, the debtor's interest in the permit is terminated by operation of law without further notice as of the date that the
revocation takes effect.
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