(a) If a loan is not paid in full within the time specified by the notice provided for the loan under AS 44.81.245, the equitable interest in the permit identified in the notice terminates by operation of law without further notice. The commission shall cancel an entry permit card issued to the equitable owner of the permit immediately upon receipt by the commission of a certificate of termination containing a copy of the notices required by AS 44.81.241 and 44.81.245.
(b) If a limited entry permit that has been pledged as security under AS 44.81.231 is revoked under AS 16.43.970, the debtor's interest in the permit is terminated by operation of law without further notice as of the date that the revocation takes effect.
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.