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.
Structure Alaska Statutes
Chapter 81. Commercial Fishing and Agriculture Bank
Sec. 44.81.010. Alaska Commercial Fishing and Agriculture Bank.
Sec. 44.81.020. Board of directors.
Sec. 44.81.031. Officers and employees.
Sec. 44.81.041. Structure and membership of the bank.
Sec. 44.81.061. Indemnification of directors, officers, and employees.
Sec. 44.81.101. Pledge of the state.
Sec. 44.81.200. Reports and publications.
Sec. 44.81.210. General powers of the bank.
Sec. 44.81.215. Lending powers of the bank.
Sec. 44.81.225. Small loans to nonmembers.
Sec. 44.81.231. Pledge of permits.
Sec. 44.81.236. Limitations on the pledge of permits.
Sec. 44.81.241. Initial notice of default.
Sec. 44.81.243. Bank remedies after failure to cure.
Sec. 44.81.247. Termination of permit interest.
Sec. 44.81.249. Cancellation, extension, and delivery of notices.
Sec. 44.81.250. Transfer of entry permits after foreclosure.
Sec. 44.81.260. Confidentiality of records.
Sec. 44.81.270. Audits and examinations of bank.
Sec. 44.81.300. Unclaimed distributions, redemptions, or payments.