Title 45 — Trade and Commerce
49 chapters · 1,288 sections in this title.
AS 45.12.503 Modification or impairment of rights and remedies.
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(a) Except as otherwise provided in this chapter, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this chapter and may limit or alter the measure of damages recoverable under this chapter. (b) Resort to a rem…
AS 45.12.504 Liquidation of damages.
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(a) Damages payable by either party for default, or another act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that…
AS 45.12.505 Cancellation and termination, and effect of cancellation, termination, rescission, or fraud on rights and remedies.
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[Repealed or reserved.]
AS 45.12.506 Statute of limitations.
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(a) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year. (b) A caus…
AS 45.12.507 Proof of market rent: time and place.
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(a) Damages based on market rent under AS 45.12.519 or 45.12.528 are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in AS 45.12.519 or…
AS 45.12.508 Lessee's remedies.
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(a) If a lessor fails to deliver the goods in conformity with the lease contract (AS 45.12.509) or repudiates the lease contract (AS 45.12.402), or a lessee rightfully rejects the goods (AS 45.12.509) or justifiably revokes acceptance of the goods under AS 45.12.517, then with re…
AS 45.12.509 Lessee's rights on improper delivery; rightful rejection.
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(a) Subject to the provisions of AS 45.12.510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the re…
AS 45.12.510 Installment lease contracts: rejection and default.
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(a) Under an installment lease contract a lessee may reject a delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fal…
AS 45.12.511 Merchant lessee's duties as to rightfully rejected goods.
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(a) Subject to a security interest of a lessee under AS 45.12.508(e), if a lessor or a supplier does not have an agent or place of business at the market of rejection, a merchant lessee, after rejection of goods in the lessee's possession or control, shall follow any reasonable i…
AS 45.12.512 Lessee's duties as to rightfully rejected goods.
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(a) Except as otherwise provided under AS 45.12.511, with respect to goods that threaten to decline in value speedily and subject to a security interest of a lessee under AS 45.12.508(e), (1) the lessee, after rejection of goods in the lessee's possession, shall hold them with re…
AS 45.12.513 Cure by lessor of improper tender or delivery; replacement.
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(a) If a tender or delivery by the lessor or the supplier is rejected because it is nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's intention to cure and may then make a …
AS 45.12.514 Waiver of lessee's objections.
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(a) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default (1) if, stated seasonably, the lessor or the supplier could have cur…
AS 45.12.515 Acceptance of goods.
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(a) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (1) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take…
AS 45.12.516 Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over.
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(a) A lessee must pay rent for goods accepted in accordance with the lease contract, with due allowance for goods rightfully rejected or not delivered. (b) A lessee's acceptance of goods precludes rejection of the goods accepted. In the case of a finance lease, if made with knowl…
AS 45.12.517 Revocation of acceptance of goods.
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(a) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has accepted it, (1) except in the case of a finance lease, on the reasonable assumption that its nonconformity would be cured and it has…
AS 45.12.518 Cover; substitute goods.
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(a) After a default, by a lessor under the lease contract, of the type described in AS 45.12.508(a), or, if agreed, after other default by the lessor, the lessee may cover by making a purchase or lease of or contract to purchase or lease goods in substitution for those due from t…
AS 45.12.519 Lessee's damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods.
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(a) Except as otherwise provided under AS 45.12.504 with respect to damages liquidated in the lease agreement or otherwise determined under agreement of the parties under AS 45.01.302 and AS 45.12.503, if a lessee elects not to cover or a lessee elects to cover and the cover is b…
AS 45.12.520 Lessee's incidental and consequential damages.
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(a) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, ex…
AS 45.12.521 Lessee's right to specific performance or replevin.
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(a) Specific performance may be decreed if the goods are unique or in other proper circumstances. (b) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or other relief that the court considers just. (c) A lessee has a right…
AS 45.12.522 Lessee's right to goods on lessor's insolvency.
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(a) Subject to (b) of this section and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract under AS 45.12.217 on making and keeping good a tender of any unpaid portion of the rent and s…
AS 45.12.523 Lessor's remedies.
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(a) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to the goods involved, and with respect to all of the goods if under an installment lease contract the value…
AS 45.12.524 Lessor's right to identify goods to lease contract.
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(a) After default, by the lessee under the lease contract, of the type described in AS 45.12.523(a) or (c)(1) or, if agreed, after other default by the lessee, the lessor may (1) identify to the lease contract conforming goods not already identified if at the time the lessor lear…
AS 45.12.525 Lessor's right to possession of goods.
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(a) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (b) After a default, by the lessee under the lease contract, of the type described in AS 45.12.523(a) or (c)(1), or, if agreed, after other default by the lessee, the lessor has the …
AS 45.12.526 Lessor's stoppage of delivery in transit or otherwise.
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(a) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload, or larger shipments of express or freight if the lessee repudiates or fails to make a …
AS 45.12.527 Lessor's rights to dispose of goods.
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(a) After a default, by a lessee under the lease contract, of the type described in AS 45.12.523(a) or (c)(1) or after the lessor refuses to deliver or takes possession of goods under AS 45.12.525 or 45.12.526, or, if agreed, after other default by a lessee, the lessor may dispos…
AS 45.12.528 Lessor's damages for nonacceptance, failure to pay, repudiation, or other default.
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(a) Except as otherwise provided with respect to damages liquidated in the lease agreement under AS 45.12.504 or otherwise determined under agreement of the parties under AS 45.01.302 and AS 45.12.503, if a lessor elects to retain the goods or a lessor elects to dispose of the go…
AS 45.12.529 Lessor's action for the rent.
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(a) After default, by the lessee under the lease contract, of the type described in AS 45.12.523(a) or (c)(1) or, if agreed, after other default by the lessee, if the lessor complies with (b) of this section, the lessor may recover from the lessee as damages (1) for goods accepte…
AS 45.12.530 Lessor's incidental damages.
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Incidental damages to an aggrieved lessor include commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care, and custody of goods after the lessee's default, in connection with return or disposition of the goods, or other…
AS 45.12.531 Standing to sue third parties for injury to goods.
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(a) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (1) the lessor has a right of action against the third party; and (2) the lessee also has a right of action against the third part…
AS 45.12.532 Lessor's rights regarding residual interest.
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In addition to any other recovery permitted by this chapter or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee.