A person may act as guarantor if the borrower has insufficient collateral to secure a loan for the purposes described in AS 16.10.310(a)(1)(B) or (C). The loan agreement shall specifically describe the property of the guarantor to be used as collateral by the borrower and shall be signed by the guarantor and the borrower. The department shall provide the guarantor with a copy of all notices sent to the borrower by the department. If the loan is for the purchase of an entry permit or quota shares, the guaranty by the guarantor may not constitute a lien, mortgage, or encumbrance on or pledge of the entry permit or quota shares.
Structure Alaska Statutes
Chapter 10. Fisheries and Fishing Regulations
Article 8. Commercial Fishing Loan Act.
Sec. 16.10.300. Declaration of policy.
Sec. 16.10.310. Powers of the department.
Sec. 16.10.320. Limitations on loans.
Sec. 16.10.333. Loans for purchase of Alaska limited entry permits.
Sec. 16.10.335. Default and foreclosure.
Sec. 16.10.337. Deficiencies and transfer of entry permits after foreclosure.
Sec. 16.10.338. Entry permits as collateral.
Sec. 16.10.340. Commercial fishing revolving loan fund.
Sec. 16.10.342. Foreclosure expense account.
Sec. 16.10.350. Administration of fund.
Sec. 16.10.353. Waiver of confidentiality.
Sec. 16.10.355. Disposal of property acquired by default or foreclosure.