(a) Loans under Alaska Stat. § 16.10.310(a) may be made to an individual commercial fisherman for the purchase of a limited entry permit upon certification by the commission that the fisherman is a person who qualifies as a transferee for the permit under Alaska Stat. Chapter 16.43 and the regulations adopted by the commission.
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Terms Used In Alaska Statutes 16.10.333

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) Upon approval by the commissioner, the permit to be purchased may be pledged as security for a loan under (a) of this section, if

(1) the certificate for the pledged permit lists the commissioner as the legal owner of the permit;
(2) the certificate for the pledged permit lists the debtor as the equitable owner of the permit;
(3) all annual permit cards issued under the pledged permit list the name of the debtor;
(4) all obligations and responsibilities of a permit owner are assumed by the debtor;
(5) co-signers or other sureties for performance under the note are not vested with any rights in the pledged permit and their obligation is limited to satisfaction of the note and payment of costs directly incurred by the department in administering the loan.
(c) The commissioner is not liable for any act or omission resulting from permit ownership nor will that act or omission affect the commissioner’s title to the permit or the commissioner’s rights under it.
(d) Upon satisfaction of the note by the debtor, the commissioner shall certify to the commission that the note has been satisfied.
(e) Upon certification as provided in (d) of this section, the commission shall amend the permit certificate to list the debtor as the legal owner.
(f)[Repealed, Sec. 34 ch 79 SLA 1985].
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