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(a) Unless otherwise prohibited, the department will dispose of all repossessed property by
(1) public auction, including advertised foreclosure sale or U.S. Marshal's sale with or without a minimum bid requirement;
(2) advertised sales through solicitation of competitive offers;
(3) negotiated or private sales, if no acceptable offers are received after advertising under (1) or (2) of this subsection;
(4) destruction;
(5) lease;
(6) lease with an option to purchase;
(7) redemption;
(8) transfer to other state department or agency; or
(9) other manner determined by the department to be in the best interests of the state.
(b) All disposals of repossessed property are made on an "as is, where is" basis, with no implied or expressed warranties of condition.
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