Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 19 - Alcoholic Beverage Control Board
Chapter 306 - Marijuana Control
Article 1 - Licensing; Fees
3 AAC 306.052 - Compelled transfer of a license to the prior licensee with a security interest in the license

Universal Citation: 3 AK Admin Code 306.052

Current through August 30, 2024

(a) If a former licensee seeks to compel the transfer of a marijuana establishment license because of a promise under 3 AAC 306.049 given as collateral by the current licensee to the former licensee in the course of an earlier transfer of the license, followed by a default in payment in connection with property conveyed or a lease made in the course of the previous transfer, the board will deny the transfer if the creditors are not satisfied under 3 AAC 306.080(d)(2)(A), unless it clearly appears that

(1) the security interest was established in the previous transfer in accordance with 3 AAC 306.051; and

(2) the term of a security interest in a license to secure payment for personal property did not exceed 10 years.

(b) The director may identify, in board meeting agendas, those applications for transfer of ownership that are secured as described in this section.

(c) After the foreclosure of real property that secures payment of debt also secured by a promise under 3 AAC 306.049, a marijuana establishment license may not be retransferred without satisfaction of creditors under 3 AAC 306.080(d)(2)(A) unless

(1) the board approved an application for retransfer before the foreclosure; or

(2) the amount owed to the former licensee for the real property at the time of foreclosure exceeds the fair market value of the property; the former licensee carries the burden of proof to show that the fair market value is less than the amount owed.

Authority:AS 17.38.010

AS 17.38.070

AS 17.38.121

AS 17.38.150

AS 17.38.190

AS 17.38.200

AS 17.38.900

Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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