3 AAC 80.440 - Collateral
(a) A vessel that can be documented must be
documented to be acceptable collateral. If a vessel is offered as collateral
for a loan, the department or the department's designee shall be permitted to
inspect the vessel before making the loan.
(b) A loan will only be made if the items
purchased with loan proceeds are placed on the loan as collateral and are
placed in the name of the applicant.
Notes
Authority: AS 16.10.905
AS 16.10.915
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