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(a) A loan must be secured by collateral acceptable to the department, such as a mortgage or other security instrument in real property, limited entry permits, quota shares, or commercial fishing vessels with gear.
(b) A vessel that can be documented must be documented to be acceptable collateral. If a vessel is offered as collateral for a loan, the department or its designee shall be permitted to inspect the vessel or vessel construction project before making the loan.
(c) A loan for the purchase of a limited entry permit, quota shares, or a vessel will be made only if the permit, quota shares, or vessel is placed in the name of the applicant and the permit, quota shares, or vessel is offered as security for the loan.
History: Eff. 9/11/85, Register 95; 3/16/95, Register 133
Authority: AS 16.10.310
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Last modified 7/05/2006