Assignment of Payments Due Alaska Native Regional Corporations

The Assistant Secretary of the Interior requested an opinion on the propriety of acknowledging a proposed assignment of funds to be distributed by Interior from the Alaska Native Fund (ANF). The Bristol Bay Native Corporation proposed an assignment of its right to future distributions from the ANF to a financing institution as security for a long-term loan. The Corporation's proposed assignment of rights to distribution of funds under the Alaska Native Claims Settlement Act is prohibited, and an amendment to this act precludes application of its provisions to noncontract situations. If Interior sought legislation to authorize this procedure, there would be no objection as long as the government's interests were adequately protected.