3 AAC 77.040 - Advertising

(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) The department will advertise a sale under 3 AAC 77.030(a) (2) by

(1) posting notice of the sale on the Alaska Online Public Notice System established under AS 44.62.175; and

(2) providing notice of the sale by at least one of the following means:

(A) publication in a newspaper or periodical of general circulation in the area where the repossessed property is located;

(B) radio announcement;

(C) written notice, delivered by one or more of the following methods:

(i) mail;

(ii) electronic mail;

(iii) facsimile transmission;

(D) written notices posted in public places where potentially interested parties will view;

(E) other appropriate media, including electronic media.

(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(d) Repealed 7/4/91.

Notes

3 AAC 77.040

Eff. 3/29/86, Register 97; am 7/4/91, Register 119; am 9/27/2008, Register 187

Authority:AS 16.10.310

AS 16.10.337

AS 16.10.339

AS 16.10.510

AS 26.15.010

AS 26.15.030

AS 27.09.050

AS 44.33.020

AS 44.33.245

AS 44.33.660

AS 45.81.120

AS 45.81.220

AS 45.88.020

AS 45.88.150

AS 45.98.030