Section 11.71.065. 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.  
	(c)  A bidder may make a deposit under this section in cash or by certified check, cashier's check, or money order.  

Authorities

38.05.020;38.05.110;38.05.115;38.05.120;38.05.860

Notes

Authority

AS 38.05.020 AS 38.05.110 AS 38.05.115 AS 38.05.120 AS 38.05.860

History

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