Section 77.1 Of Article 5. Recreational Marinas From California Harbors And Navigation Code >> Division 1. >> Chapter 2. >> Article 5.
77.1
. The department, upon whatever terms and conditions it deems
proper, may sell or otherwise dispose of property serving as
collateral for a defaulted loan made under Section 76.3 or may
operate, contract to operate, or let property involved in the
default. All proceeds from any action of the department pursuant to
this section shall be deposited in the Harbors and Watercraft
Revolving Fund and credited towards the repayment of the defaulted
loan.