- Alaska Statutes.
- Title 44. State Government
- Chapter 81. Commercial Fishing and Agriculture Bank
- Section 236. Limitations On the Pledge of Permits.
previous: Section 235
. Limitations On Pledge of Permits. [Repealed, Sec. 27 Ch 34 SLA 1996].
next: Section 240
. Default and Foreclosure of Certain Loans Secured By Limited Entry Permits. [Repealed, Sec. 27 Ch 34 SLA 1996].
AS 44.81.236. Limitations On the Pledge of Permits.
A loan may not be secured by the pledge of a limited entry permit unless the proceeds of the loan are used for
- (1) the purchase of a permit;
- (2) the purchase or lease of quota shares, individual fishing quotas, or another license, permit, or other grant of
commercial fisheries harvesting entitlements that is issued and regulated under state or federal law;
- (3) the purchase, construction, maintenance, repair, or improvement of commercial fishing boats, sites, gear, or
- (4) working capital, including insurance premiums, supplies, food, fuel, bait, boat storage, and boat launching;
- (5) the payment of obligations whose status places the permit of a borrower in jeopardy of sale as a result of United
States Internal Revenue Service enforcement action;
- (6) the purchase of the bank's stock or other equity instruments and loan costs; or
- (7) refinancing of debts incurred for a purpose listed in (1) - (4) or (6) of this section.
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