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- Alaska Statutes.
- Title 16. Fish and Game
- Chapter 10. Fisheries and Fishing Regulations
- Section 333. Loans For Purchase of Alaska Limited Entry Permits.
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. Sale or Transfer of Mortgages, Bonds and Notes. [Repealed, Sec. 14 Ch 122 SLA 1980].
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. Default and Foreclosure.
AS 16.10.333. Loans For Purchase of Alaska Limited Entry Permits.
- (a) Loans under AS 16.10.310
(a) may be made to an individual commercial fisherman for the purchase of a limited entry permit upon certification by
the commission that the fisherman is a person who qualifies as a transferee for the permit under AS 16.43 and the regulations adopted by the commission.
- (b) Upon approval by the commissioner, the permit to be purchased may be pledged as security for a loan under (a) of this
- (1) the certificate for the pledged permit lists the commissioner as the legal owner of the permit;
- (2) the certificate for the pledged permit lists the debtor as the equitable owner of the permit;
- (3) all annual permit cards issued under the pledged permit list the name of the debtor;
- (4) all obligations and responsibilities of a permit owner are assumed by the debtor;
- (5) co-signers or other sureties for performance under the note are not vested with any rights in the pledged permit and
their obligation is limited to satisfaction of the note and payment of costs directly incurred by the department in
administering the loan.
- (c) The commissioner is not liable for any act or omission resulting from permit ownership nor will that act or omission
affect the commissioner's title to the permit or the commissioner's rights under it.
- (d) Upon satisfaction of the note by the debtor, the commissioner shall certify to the commission that the note has been
- (e) Upon certification as provided in (d) of this section, the commission shall amend the permit certificate to list the
debtor as the legal owner.
- (f) [Repealed, Sec. 34 ch 79 SLA 1985].
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