Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2025 | Updated by Findlaw Staff
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:
Cite this article: FindLaw.com - Alaska Statutes Title 44. State Government § 44.81.241. Initial notice of default - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-44-state-government/ak-st-sect-44-81-241/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)