3 AAC 80.065 - Disbursement of loan money
Loan money will be disbursed when
(1) a security interest in the collateral on
behalf of the State has been perfected, except that, in the case of a mortgage
on a documented vessel, this requirement may be satisfied by the establishment
of the mortgage as a preferred mortgage under the provisions of the Ship
Mortgage Act of 1920, ( 46 U.S.C. 911 - 984);
(2) the borrower has complied with the marine
insurance requirements contained in an instrument signed by the
borrower;
(3) requirements of the
loan committee have been met; and
(4) the borrower is in compliance with all
other provisions of the loan documents and this chapter.
Notes
Authority:AS 16.10.310
AS 16.10.320
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