Title 45 — Trade and Commerce
49 chapters · 1,288 sections in this title.
AS 45.03.411 Refusal to pay cashier's checks, teller's checks, and certified checks.
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(a) If the obligated bank wrongfully refuses to pay a cashier's check or certified check, stops payment of a teller's check, or refuses to pay a dishonored teller's check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of int…
AS 45.03.412 Obligation of issuer of note or cashier's check.
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The issuer of a note, cashier's check, or other draft drawn on the drawer is obliged to pay the instrument according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; if the issuer signed an incomplete instrument, the…
AS 45.03.413 Obligation of acceptor.
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(a) The acceptor of a draft is obliged to pay the draft according to its terms at the time it was accepted, even though the acceptance states that the draft is payable “as originally drawn” or equivalent terms; if the acceptance varies the terms of the draft, the acceptor is obli…
AS 45.03.414 Obligation of drawer.
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(a) This section does not apply to cashier's checks or other drafts drawn on the drawer. (b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or, if not issued, at the time it first came into possession …
AS 45.03.415 Obligation of endorser.
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(a) Subject to (b) — (e) of this section and AS 45.03.419(d), if an instrument is dishonored an endorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was endorsed or, if the endorser endorsed an incomplete instrument, …
AS 45.03.416 Transfer warranties.
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[Repealed or reserved.]
AS 45.03.417 Presentment warranties.
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(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee…
AS 45.03.418 Payment or acceptance by mistake.
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(a) Except as provided in (c) of this section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped under AS 45.04.403 or that the signature of the drawer of the draft was authorized, the dra…
AS 45.03.419 Instruments signed for accommodation.
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(a) If an instrument is issued for value given for the benefit of a party to the instrument, the “accommodated party,” and another party to the instrument, the “accommodation party,” signs the instrument for the purpose of incurring liability on the instrument without being a dir…
AS 45.03.420 Conversion of instrument.
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Article 5. Presentment, Notice of Dishonor, and Protest. (a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument, o…
AS 45.03.501 Presentment.
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(a) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument (1) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank; or (2) to accept a…
AS 45.03.502 Dishonor.
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(a) Dishonor of a note is governed by the following rules: (1) if the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment; (2) if the note is not payable on demand and is payable at or throu…
AS 45.03.503 Notice of dishonor.
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(a) The obligation of an endorser stated in AS 45.03.415(a) and the obligation of a drawer stated in AS 45.03.414(d) may not be enforced unless the endorser or drawer is given notice of dishonor of the instrument complying with this section or notice of dishonor is excused under …
AS 45.03.504 Excused presentment and notice of dishonor.
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(a) Presentment for payment or acceptance of an instrument is excused if (1) the person entitled to present the instrument cannot with reasonable diligence make presentment; (2) the maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency p…
AS 45.03.505 Evidence of dishonor.
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(a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) a document regular in form as provided in (b) of this section that purports to be a protest; (2) a purported stamp or writing of the drawee, payor bank, or …
AS 45.03.506 Secs. 45.03.506 — 45.03.511. Time for acceptance or payment; dishonor; protest; waiver or excuse. [Repealed, § 127 ch 35 SLA 1993.]
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Article 6. Discharge.
AS 45.03.601 Discharge and effect of discharge.
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(a) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract. (b) Discharge of the obligation of a party is not effective against a pers…
AS 45.03.602 Payment.
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(a) Subject to (b) of this section, an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument and to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instru…
AS 45.03.603 Tender of payment.
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(a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (b) If tender of payment of an obligation to pay a…
AS 45.03.604 Discharge by cancellation or renunciation.
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(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (1) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the inst…
AS 45.03.605 Discharge of endorsers and accommodation parties.
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(a) Discharge, under AS 45.03.604, of the obligation of a party to pay an instrument does not discharge the obligation of an endorser or accommodation party having a right of recourse against the discharged party. (b) If a person entitled to enforce an instrument agrees, with or …
AS 45.03.606 Secs. 45.03.606 — 45.03.805. Impairment of recourse or collateral; advice of international sight draft; miscellaneous provisions. [Repealed, § 127 ch 35 SLA 1993.]
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[Repealed or reserved.]