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;

Terms Used In Alaska Statutes 44.81.236

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(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.
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