Home Table of Contents

§ 5107. Default Remedies.

14 CA ADC § 5107Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 14. Natural Resources
Division 4. Division of Boating and Waterways
Chapter 1. Division of Boating and Waterways
Article 1.1. Public Small Craft Harbor Loan Regulations
14 CCR § 5107
§ 5107. Default Remedies.
Currentness
Upon the occurrence of a default, the department:
(a) May exercise all rights and remedies accorded to the department by law, including, but not limited to, those rights established in the Harbors and Navigation Code;
(b) May declare all unperformed obligations, in whole or in part, of the applicant immediately due and payable without demand or notice.
(c) May deposit funds obtained from the sale of collateral, less reasonable cost of recovery or maintenance of property, in the Harbors and Watercraft Revolving Fund. Any remaining funds shall be provided to the borrower, in accordance with California law.

Credits

Note: Authority cited: Sections 63.9(e) and 71.4, Harbors and Navigation Code. Reference: Sections 71.4 and 85.2, Harbors and Navigation Code.
History
1. New section filed 7-2-2001; operative 8-1-2001 (Register 2001, No. 27).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 14, § 5107, 14 CA ADC § 5107
End of Document