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- Alaska Statutes.
- Title 3. Agriculture, Animals, and Food
- Chapter 10. Alaska Agricultural Loan Act
- Section 35. Use or Disposal of Mortgaged Farm Land.
previous: Section 33
. Restructuring of Agricultural Debt.
next: Section 40
. Agricultural Revolving Loan Fund.
AS 03.10.035. Use or Disposal of Mortgaged Farm Land.
- (a) A borrower may not use farm land for a nonfarm use or sell, lease, or otherwise dispose of farm land if that land is
encumbered by a mortgage given to secure the payment of a loan under this chapter unless the borrower either
- (1) pays the outstanding balance of the loan in a lump sum or under other terms agreed to by the Board of Agriculture and
Conservation that accelerate payment of the loan; or
- (2) pays the outstanding principal balance for the remaining term of the loan at the prevailing rate of interest that is
charged by commercial banks in the state during the calendar quarter in which the board receives notice of the change
of use, sale, lease, or other disposal of the farm land.
- (b) In this section, "nonfarm use" means a use of land other than for the production of domesticated plants and animals
useful to humans, including forage and sod crops, grain and feed crops, fruits, vegetables, and livestock.
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