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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.80. Commercial Fishing Loans. |
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Article 3.80.1. Community Fishing Revolving Loan Fund. |
Section 3.80.065. Disbursement of loan money.
Latest version.
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Loan money will be disbursed when (1) a security interest in the collateral on behalf of the State has been perfected, except that, in the case of a mortgage on a documented vessel, this requirement may be satisfied by the establishment of the mortgage as a preferred mortgage under the provisions of the Ship Mortgage Act of 1920, (46 U.S.C. 911 - 984); (2) the borrower has complied with the marine insurance requirements contained in an instrument signed by the borrower; (3) requirements of the loan committee have been met; and (4) the borrower is in compliance with all other provisions of the loan documents and this chapter.
Authorities
16.10.310;16.10.320