Section 3.77.010. 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.  

Authorities

16.10.310;16.10.335;16.10.339;16.10.510;26.15.010;26.15.030;26.15.040;27.09.050;44.33.020;44.33.245;45.81.120;45.81.210;45.87.060;45.88.020;45.88.150;45.98.030;01.05.031;45.89.070;45.90.020;45.95.020;44.62.125

Notes

Reference

3 AAC 77.090
3 AAC 77.900

Authority

AS 16.10.310(a) AS 16.10.335 AS 16.10.339 AS 16.10.510(4) AS 26.15.010 AS 26.15.030 AS 26.15.040 AS 27.09.050 AS 44.33.020(1) AS 44.33.245(a) AS 45.81.120 AS 45.81.210 AS 45.87.060 AS 45.88.020(a) AS 45.88.150 AS 45.98.030(3) Editor's note: Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.89.070 as AS 45.88.150; former AS 45.90.020(a) as AS 45.81.120; former AS 45.95.020 as AS 45.81.210. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 77.010 to reflect the statutory renumbering.

History

Eff. 3/29/86, Register 97

References

3.77.010