3 AAC 77.010. Acquiring repossessed property

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;

(4) abandonment;

(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 45.87.060

AS 45.88.020 (a)

AS 45.89.070

AS 45.90.020 (a)

AS 45.95.020

AS 45.98.030 (3)

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