(a) Upon declaration of default by the Department:(1) All remaining funds in the trust construction improvement account shall revert to the State.(2) The total loan balance with accrued interest shall be immediately due and payable.(b) The Department shall have the right to initiate legal proceedings against all obligors and sureties on the loan, and to foreclose upon any security given therefor.Cal. Code Regs. Tit. 22, § 91335
1. Editorial correction adding NOTE filed 2-23-83 (Register 83, No. 9). Note: Authority cited: Sections 103, 446.2 and 446.3, Health and Safety Code; and Section 11152, Government Code. Reference: Section 13111.3, Health and Safety Code.
1. Editorial correction adding NOTE filed 2-23-83 (Register 83, No. 9).