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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 3.80.3. Community Charter Fisheries Revolving Loan Fund. |
Section 3.80.350. Disbursement of loan money.
Latest version.
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Loan money will be disbursed when (1) the state has perfected a security interest in the collateral, 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 46 U.S.C. 911 - 984 (Ship Mortgage Act of 1920); (2) requirements of the department as specified by the loan committee have been met; and (3) the borrower is in compliance with provisions of the loan documents, AS 16.10.801 - 16.10.890, and 3 AAC 80.310 - 3 AAC 80.380.
Authorities
16.10.805;16.10.815