11 AAC 71.065. Competitive sale bid deposits

(a) A bidder at an oral outcry auction conducted under 11 AAC 71.060 must deposit with the selling agent, before being eligible to bid, at least 10 percent of the appraised value of the timber or materials on which he intends to bid if the appraised value is $100,000 or less, and at least five percent or $10,000, whichever is more, if the appraised value is between $100,000 and $500,000. If the appraised value is $500,000 or more, the director will state the minimum deposit in the notice of sale.

(b) If the sale under 11 AAC 71.060 is by sealed bid, the bidder must deposit an amount determined in accordance with (a) of this section, based on the amount of the sealed bid.

History: Eff. 7/20/60, Register 1; am 6/24/62, Register 5; am 7/2/82, Register 83

Authority: AS 38.05.020

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.