Cal. Code Regs. tit. 14 § 5176

Current through Register 2024 Notice Reg. No. 52, December 27, 2024

Section 5176 - Default Remedies

Upon the occurrence of a default, the department:

(a) Has and may exercise all rights and remedies accorded to the department by law, including but not limited to the provisions and remedies contained in the California Uniform Commercial Code;

(b) May declare all unperformed obligations, in whole or in part, of borrower immediately due and payable without demand or notice;

(c) May require borrower to take any and all action necessary to transfer the collateral in an amount equal to the unpaid balance of the loan to the secured party;

(d) May deposit all funds obtained from the sale of collateral, less reasonable costs of recovery or maintenance of property, to the Harbors and Watercraft Revolving Fund.

Cal. Code Regs. Tit. 14, § 5176

1. New section filed 7-2-2001; operative 8-1-2001 (Register 2001, No. 27).

Note: Authority cited: Sections 63.9(e) and 76.8, Harbors and Navigation Code. Reference: Sections 76.3, 77.1 and 85.2, Harbors and Navigation Code.

1. New section filed 7-2-2001; operative 8-1-2001 (Register 2001, No. 27).