Section 44.81.243. Bank remedies after failure to cure.

Latest version.

If the borrowers and guarantors on a loan secured by a permit pledged under AS 44.81.231 fail to cure a default within the time stated in the notice given under AS 44.81.241, the total indebtedness owing on the loan immediately becomes due and payable to the bank, and the bank shall be entitled to take any legal action to collect the loan, including the foreclosure under AS 44.81.245 of the permit pledge that secures the loan and the institution of legal action. If the bank forecloses the permit pledge, the bank may proceed in the order the bank selects, whether before, after, or concurrent with other action taken to collect the loan.

Authorities

44.81.249

Notes

References

AS 44.81.249 Cancellation, extension, and delivery of notices.

History

(Sec. 21 ch 34 SLA 1996)

                    
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