Sec. 44.81.236. Limitations on the pledge of permits.

162 words·~1 min read·/ak/title-44/chapter-81/44-81-236

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.