Section 44.81.241. Initial notice of default.

If there is a default on a loan secured by a permit pledged under AS 44.81.231, the bank shall notify the borrowers and guarantors on the loan of the default and of the right to cure the default by sending a notice by certified mail to their last known address or addresses on file with the bank. The notice must include
        (1) the date of the notice;
        (2) a description of the security given for the loan, including the number assigned by the commission and the name of the equitable owner of each permit pledged to secure the loan;
        (3) the date and nature of the default;
        (4) the amount of arrearages as of the date of the notice;
        (5) the total indebtedness, including interest, penalties, and costs of collection, remaining owing on the loan as of the date of the notice;
        (6) the amount of daily interest to accrue from the date of the notice;
        (7) a statement that the costs of collection of the loan incurred by the bank after the date of the notice will be added to the total amount of the indebtedness owing on the loan;
        (8) a statement that the default may be cured within 60 days from the date of the notice or within an extended time period that is specified in an extension notice provided by the bank within the 60-day period under AS 44.81.249;
        (9) the place where payment of arrearages or other cure may be made; and
        (10) a statement in at least 10 point bold type stating:
          "IMPORTANT: UNLESS YOU CURE THE LOAN DEFAULT WITHIN THE TIME SPECIFIED BY THIS NOTICE, THE TOTAL INDEBTEDNESS OWING ON THE LOAN SHALL BE IMMEDIATELY DUE AND PAYABLE TO THE BANK WITHOUT FURTHER NOTICE TO YOU. ALSO, THE BANK SHALL THEN BE ENTITLED TO TAKE ANY LEGAL ACTION AGAINST YOU TO COLLECT THE LOAN, INCLUDING THE INSTITUTION OF LAWSUITS AND THE FORECLOSURE OF THE PLEDGE OF ANY PERMIT PLEDGED TO SECURE THIS LOAN."

Authorities

44.81.231;44.81.243;44.81.245;44.81.247;44.81.249;44.81.250

Notes

References

AS 44.81.231 Pledge of permits.
AS 44.81.243 Bank remedies after failure to cure.
AS 44.81.245 Foreclosure.
AS 44.81.247 Termination of permit interest.
AS 44.81.249 Cancellation, extension, and delivery of notices.
AS 44.81.250 Transfer of entry permits after foreclosure.

History

(Sec. 21 ch 34 SLA 1996)