Title 8 . Labor and Workforce Development

Chapter 27 . Fish Processors and Primary Fish Buyers

Section 10. Security required

8 AAC 27.010. Security required

(a) A fish processor or primary fish buyer shall file with the division evidence of compliance with AS 16.10.290 and this chapter on forms prescribed by the commissioner. Acceptable security includes

(1) a surety bond in the amount of $10,000 issued by a surety company licensed to do business in Alaska with an assignment in favor of the commissioner;

(2) lienable real property located in Alaska, provided

(A) an appraisal is filed with the commissioner which was issued by a public tax assessor or by a bona fide real estate appraiser, current within 12 months before the date of application;

(B) a title search is filed with the commissioner which was issued by a company or person qualified to perform a title search, current within 30 days before the date of application and which clearly demonstrates the license applicant has an equity of at least $10,000 in the real property; and

(C) the license applicant executes a lien upon the real property in favor of the commissioner in the amount prescribed by AS 16.10.290 (b);

(3) a negotiable instrument as defined in AS 45.03.104 , assigned to the commissioner, in the amount of $10,000; or

(4) a combination of acceptable security, including those listed in (1) - (3) of this subsection, which equals the amount of $10,000.

(b) Separate security is required for each operational location which requires a separate license.

History: Eff. 7/30/83, Register 87

Authority: AS 16.10.275

AS 16.10.290