In connection with a default on a loan made by the department, it will, in its discretion, repossess property in any of the following ways:

1. (1) judicial or nonjudicial foreclosure on real estate;
2. (2) U.S. Marshal's foreclosure sale on documented vessels under Federal Maritime Law;
3. (3) Uniform Commercial Code (UCC) foreclosure, which may include documented vessels, AK-registered vessels, vehicles, mobile homes, airplanes, inventory and equipment;
4. (4) abandonment;
5. (5) deed, bill of sale, or transfer instead of foreclosure;
6. (6) repossession of title vehicle;
7. (7) bankruptcy proceeding;
8. (8) limited entry permit foreclosure; or
9. (9) other manner consistent with federal and state law.

(Eff. 3/29/86, Register 97)

Authority: AS 16.10.310