2001 Alaska Statutes
Title 44 STATE GOVERNMENT
Chapter 44.81. COMMERCIAL FISHING AND AGRICULTURE BANK
Sec. 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 equipment;
(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.
Disclaimer: These codes may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
