§ 30.15. Execution on and seizure of a medallion.

 (a)  If a lender or creditor executes on or seizes a medallion, it shall notify the Commission of all particulars, in writing, within 5 days of taking the action. The medallion will be held by the Commission pending further disposition.

 (b)  A sale of the medallion, upon seizure or execution, shall occur within 1 year of the seizure or execution, and shall be accomplished in accordance with §  30.12 (relating to sale of medallion).

 (c)  If the medallion is not sold within 1 year, the medallion becomes nontransferable.

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