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(a) Notice and advertising for judicial and nonjudicial foreclosure sales, U.S. Marshal foreclosure sales on documented vessels, and other public auction sales will be in accordance with all laws that govern the particular kind of sale.
(b) Advertising for a sale under 3 AAC 77.030(a) (2) will be by publication in a newspaper or other periodical of general circulation in the area where the repossessed property is located or which the department reasonably believes will notify the largest number of potentially interested parties. Advertising will, in the department's discretion, also include radio announcement or written notice mailed to all known interested persons.
(c) A printed or written advertisement of a sale under 3 AAC 77.030(a) (2) will, in the department's discretion, include
(1) a description of the item offered, including the city or town where the item is located;
(2) if real property, the legal description of the property or location address;
(3) terms of sale, including minimum acceptable offer, if any, and whether financing is available from the department;
(4) the last known value, and date of valuation;
(5) the deadline for submission of offers;
(6) the contact name and telephone number for additional information on the item and on available financing from the department, if any;
(7) the date when offers will be reviewed;
(8) a statement that no specific form of offer is required, but an offer must be made in writing and must include name, mailing address, phone number, signature, and any terms or conditions of the offer, including whether the offeree is seeking financing;
(9) a statement that the department reserves the right to refuse any and all offers;
(10) a statement that all items are sold "AS IS, WHERE IS," with no implied or expressed warranty of condition whatsoever;
(11) a statement that offers are not binding unless accepted by the department's loan committee;
(12) a statement that if no acceptable offers are received, the department will, in its discretion, solicit additional offers without readvertising; and
(13) a statement that the sale is governed by 3 AAC 77.
(d) Repealed 7/4/91.
History: Eff. 3/29/86, Register 97; am 7/4/91, Register 119
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