Section 3 AAC 80.350 - Disbursement of loan moneyLoan money will be disbursed when
(1) the state has perfected a security interest in the collateral, 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 46 U.S.C. 911 - 984 (Ship Mortgage Act of 1920);(2) requirements of the department as specified by the loan committee have been met; and(3) the borrower is in compliance with provisions of the loan documents, AS 16.10.801-16.10.890, and 3 AAC 80.310 - 3 AAC 80.380.Eff. 10/16/2012, Register 204Authority:AS 16.10.805
AS 16.10.815