Section 3 AAC 80.065 - Disbursement of loan moneyLoan 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.Eff. 9/11/85, Register 95Authority:AS 16.10.310
AS 16.10.320