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
Section 5107 - Default Remedies

Universal Citation: 14 CA Code of Regs 5107

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

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.

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

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.

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