(a) If a loan is not paid in full within the time specified by the notice provided for the loan under Alaska Stat. § 44.81.245, the equitable interest in the permit identified in the notice terminates by operation of law without further notice. The commission shall cancel an entry permit card issued to the equitable owner of the permit immediately upon receipt by the commission of a certificate of termination containing a copy of the notices required by Alaska Stat. § 44.81.241 and 44.81.245.

Terms Used In Alaska Statutes 44.81.247

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(b) If a limited entry permit that has been pledged as security under Alaska Stat. § 44.81.231 is revoked under Alaska Stat. § 16.43.970, the debtor’s interest in the permit is terminated by operation of law without further notice as of the date that the revocation takes effect.
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