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- Alaska Statutes.
- Title 16. Fish and Game
- Chapter 10. Fisheries and Fishing Regulations
- Section 338. Entry Permits as Collateral.
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Section 337. Deficiencies and Transfer of Entry Permits After Foreclosure.
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Section 339. Regulations.
AS 16.10.338. Entry Permits as Collateral.
(a) Alaska limited entry permits may be used as security for loans under AS 16.10.310(a). The provisions of AS 16.10.335 and 16.10.337 apply to Alaska limited entry permits
pledged as security for loans in accordance with this section.
(b) If a limited entry permit is pledged for security for a loan made under AS 16.10.310(a)(1)(B) for the repair, restoration,
upgrading, construction, or purchase of a vessel and the borrower thereafter
fails to make a payment or defaults, the commissioner shall, in addition to the notice provided under AS 16.10.335(a), notify the borrower that subject to
the commissioner's acceptance the borrower may sell the vessel, apply the
sales proceeds to the debt, and renegotiate payment of the balance due on the loan to avoid the immediate loss of the
limited entry permit that has been pledged for security for the loan.
(c) If a limited entry permit is pledged for security for a loan made under AS 16.10.310(a)(1)(C) for the purchase of quota shares and
the borrower thereafter fails to make a payment or defaults, the commissioner shall, in addition to the notice provided under AS 16.10.335(a), notify the borrower that subject to the
commissioner's acceptance the borrower may sell the quota shares, apply the sales proceeds to the debt, and renegotiate
payment of the balance due on the loan to avoid the immediate loss of the limited entry permit that has been pledged
for security for the loan.
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