Section 3 AAC 80.450 - 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, an applicant may satisfy this requirement by establishing the mortgage as a preferred mortgage under the provisions of 46 U.S.C. 911 - 984 (Ship Mortgage Act of 1920);(2) the department's requirements, as specified by the loan committee, have been met; and(3) the borrower is in compliance with all provisions of the loan documents and this chapter.Eff. 10/16/2012, Register 204; am 7/24/2024, Register 251, October 2024Authority:AS 16.10.905
AS 16.10.915