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Title 3 . Commerce, Community, and Economic Development
Chapter 80 . Fisheries Enhancement Tax Appropriations
Section 65. Disbursement of loan money

3 AAC 80.065. Disbursement of loan money

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.

History: Eff. 9/11/85, Register 95

Authority: AS 16.10.310

AS 16.10.320

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Last modified 7/05/2006