California Code of Regulations
Title 14 - Natural Resources
Division 4 - Division of Boating and Waterways
Chapter 1 - Division of Boating and Waterways
Article 1.4 - Recreational Marina Loan Regulations
Section 5176 - Default Remedies
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
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.
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.
