Section 3 AAC 305.065 - Application for return of a license to a person with a retained security interest(a) A licensee who wishes to establish a security interest in an alcoholic beverage license before the license is transferred to another person under 3 AAC 305.060 shall submit the following additional documents with the transfer application: (1) a leasehold conveyance or contract of sale of real property made in the course of the license transfer;(2) a list of personal property being conveyed from the transferor to the transferee, including (A) the value of the property; and(B) a draft Uniform Commercial Code financing statement in which a security interest in the license is claimed under AS 04.11.670 and 04.11.360(4)(B), containing the following statement: "Under the terms of AS 04.11.670, AS 04.11.360(4)(B), and 3 AAC 305.065, the transferor/lessor retains a security interest in the liquor license that is the subject of this conveyance, and may, as a result, be able to obtain a retransfer of the license without satisfaction of other creditors."; the value of the personal property must be sufficient for the board to determine that the license is not being used as collateral except as provided under AS 04.11.670; and(3) all transaction and security documents relating to the lease or sale of real property and sale of personal property in conjunction with the license transfer.(b) The transferor must include the following statement in the published notice of transfer required by AS 04.11.310(a): "Under the terms of AS 04.11.360(4)(B), AS 04.11.670, and 3 AAC 305.065, the transferor/lessor retains a security interest in the liquor license that is the subject of this conveyance, and may, as a result, be able to obtain a retransfer of the license without satisfaction of other creditors."(c) After board approval, a copy of the recorded leasehold conveyance or contract of sale of real properly and the recorded Uniform Commercial Code financing statement must be provided to the director before the transferred license may be operated.(d) A security interest in a license may not be established when the license transfer contemplates a transfer of less than 100 percent of the interest in the license.(e) A license with an established security interest may not be transferred to another person, unless all obligations under the security interest are satisfied before or as part of the transfer, except that the board may make an exception in the case of the death of a licensee.Eff. 1/1/2024, Register 248, January 2024Authority:AS 04.06.005
AS 04.06.080
AS 04.06.090
AS 04.11.260
AS 04.11.270
AS 04.11.280
AS 04.11.290
AS 04.11.450
AS 04.11.670