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.
Section: Previous 44.81.225 44.81.230 44.81.231 44.81.235 44.81.236 44.81.240 44.81.241 44.81.243 44.81.245 44.81.247 44.81.249 44.81.250 44.81.260 44.81.270 44.81.275 NextLast modified: November 15, 2016