3 AAC 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.

Notes

3 AAC 77.010

Eff. 3/29/86, Register 97

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.

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)