Title 45 — Trade and Commerce
49 chapters · 1,288 sections in this title.
AS 45.29.604 Procedure if security agreement covers real property or fixtures.
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(a) If a security agreement covers both personal and real property, a secured party may proceed (1) under AS 45.29.601 — 45.29.628 as to the personal property without prejudicing any rights with respect to the real property; or (2) as to both the personal property and the real pr…
AS 45.29.605 Unknown debtor or secondary obligor.
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A secured party does not owe a duty based on its status as secured party to (1) a person who is a debtor or obligor unless the secured party knows (A) that the person is a debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; or (2) a secu…
AS 45.29.606 Time of default for agricultural lien.
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For purposes of AS 45.29.601 — 45.29.628, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
AS 45.29.607 Collection and enforcement by secured party.
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(a) If so agreed and, in any event, after default, a secured party (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) may take proceeds to which the secured party…
AS 45.29.608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
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(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) a secured party shall apply or pay over for application the cash proceeds of collection or enforcement under AS 45.29.607 in the following order to (A) …
AS 45.29.609 Secured party's right to take possession after default.
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(a) After default, a secured party (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under AS 45.29.610. (b) A secured party may proceed under subsection (a) of this section (1) in ac…
AS 45.29.610 Disposition of collateral after default.
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(a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following commercially reasonable preparation or processing. (b) Every aspect of a disposition of collateral, including the method, manner…
AS 45.29.611 Notification before disposition of collateral.
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(a) In this section, “notification date” means the earlier of the date on which (1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) the debtor and any secondary obligor waive the right to notification. (b) Except …
AS 45.29.612 Timeliness of notification before disposition of collateral.
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(a) Except as otherwise provided in (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest…
AS 45.29.613 General notification before disposition of collateral.
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Except in a consumer goods transaction, the following rules apply: (1) the contents of a notification of disposition are sufficient if the notification (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C…
AS 45.29.614 Notification before disposition of collateral in consumer goods transaction.
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In a consumer goods transaction, the following rules apply: (1) a notification of disposition must provide the following information: (A) the information specified in AS 45.29.613(1); (B) a description of any liability for a deficiency of the person to which the notification is s…
AS 45.29.615 Application of proceeds of disposition; liability for deficiency and right to surplus.
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(a) A secured party shall apply or pay over for application the cash proceeds of disposition under AS 45.29.610 in the following order: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing and, to the extent provided for by agreem…
AS 45.29.616 Explanation of calculation of surplus or deficiency.
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(a) In this section, (1) “explanation” means a writing that (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with (c) of this section of how the secured party calculated the surplus or deficiency; (C) states, if applicable, that future…
AS 45.29.617 Rights of transferee of collateral.
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(a) A secured party's disposition of collateral after default (1) transfers to a transferee for value all of the debtor's rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any subordinate security interest or ot…
AS 45.29.618 Rights and duties of certain secondary obligors.
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(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from the secured party and agr…
AS 45.29.619 Transfer of record or legal title.
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(a) In this section, “transfer statement” means a record authenticated by a secured party stating (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured party has exercised its post-default remedies with respect to…
AS 45.29.620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
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(a) Except as otherwise provided in (g) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if (1) the debtor consents to the acceptance under (c) of this section; (2) the secured party does not receive, within …
AS 45.29.621 Notification of proposal to accept collateral.
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(a) A secured party who desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to (1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a…
AS 45.29.622 Effect of acceptance of collateral.
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[Repealed or reserved.]
AS 45.29.623 Right to redeem collateral.
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(a) A debtor, a secondary obligor, or other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney fees described in AS 45.29.615…
AS 45.29.624 Waiver.
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(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under AS 45.29.611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under AS 4…
AS 45.29.625 Remedies for secured party's failure to comply with chapter.
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(a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Subject to (c), (d), and (f) of this section, a person is …
AS 45.29.626 Action in which deficiency or surplus is in issue.
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(a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) a secured party need not prove compliance with the provisions of AS 45.29.601 — 45.29.628 relating to collect…
AS 45.29.627 Determination of whether conduct was commercially reasonable.
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(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing th…
AS 45.29.628 Nonliability and limitation on liability of secured party; liability of secondary obligor.
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Article 7. Transitional Provisions. (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person, (1) the secured party is not liable to the person, or to a secured party or lienholder that h…
AS 45.29.702 Savings clause.
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(a) Except as otherwise provided in AS 45.29.702 — 45.29.709, this chapter applies to a transaction or lien within the scope of this chapter, even if the transaction or lien was entered into or created before July 1, 2001. (b) Except as otherwise provided in AS 45.29.703 — 45.29.…
AS 45.29.703 Security interest perfected before July 1, 2001.
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(a) A security interest that is enforceable June 30, 2001, and would have priority over the rights of a person who becomes a lien creditor June 30, 2001, is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enforceability and pe…
AS 45.29.704 Security interest unperfected before July 1, 2001.
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A security interest that is enforceable June 30, 2001, but that would be subordinate to the rights of a person who becomes a lien creditor June 30, 2001, (1) remains an enforceable security interest until July 1, 2002; (2) remains enforceable on and after July 1, 2002, if the sec…
AS 45.29.705 Effectiveness of action taken before July 1, 2001.
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(a) If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person who becomes a lien creditor had the security interest become enforceable before July 1, 2…
AS 45.29.706 When initial financing statement suffices to continue effectiveness of financing statement.
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(a) The filing of an initial financing statement in the office specified in AS 45.29.501 continues the effectiveness of a financing statement filed before July 1, 2001, if (1) the filing of an initial financing statement in that office would be effective to perfect a security int…
AS 45.29.707 Amendment of pre-effective date financing statement.
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(a) On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective date financing statement only in accordance with the law of the jurisdiction governing perfe…
AS 45.29.708 Persons entitled to file initial financing statement or continuation statement.
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A person may file an initial financing statement or a continuation statement under AS 45.29.702 — 45.29.709 if (1) the secured party of record authorizes the filing; and (2) the filing is necessary under AS 45.29.702 — 45.29.709 to (A) continue the effectiveness of a financing st…
AS 45.29.709 Priority.
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Article 8. Transitional Provisions for 2013 Amendments. (a) This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, former AS 45.09 determines priority. (b) For purposes of A…
AS 45.29.802 Applicability.
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Except as otherwise provided in AS 45.29.803 — 45.29.807, AS 45.29.102(a)(8), (13), (61), (85), and (88), 45.29.105, 45.29.307(f), 45.29.311(a), 45.29.316(h) and (i), 45.29.317(b) and (d), 45.29.326, 45.29.406(e), 45.29.408(b), 45.29.503(a), (b), and (f) — (h), 45.29.507(c), 45.2…
AS 45.29.803 Security interest perfected before July 1, 2013.
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(a) A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under AS 45.29.101 — 45.29.709, as those sections read on July 1, 2013, if, immediately before July 1, 2013, the applicable requirements for attachment …
AS 45.29.804 Security interest unperfected before July 1, 2013.
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A security interest that is an unperfected security interest on June 30, 2013, becomes a perfected security interest (1) without further action on July 1, 2013, if the applicable requirements for perfection under AS 45.29.101 — 45.29.709, as those sections read on July 1, 2013, a…
AS 45.29.805 Effectiveness of action taken before July 1, 2013.
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(a) The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under AS 45.29.101 — 45.29.709, as those sections read on July 1, 2013. (b) AS 45.29.102(a)(8…
AS 45.29.806 When initial financing statement suffices to continue effectiveness of financing statement.
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(a) The filing of an initial financing statement in the office specified in AS 45.29.501 continues the effectiveness of a financing statement filed before July 1, 2013, if (1) the filing of an initial financing statement in that office would be effective to perfect a security int…
AS 45.29.807 Amendment of pre-effective-date financing statement.
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(a) After July 1, 2013, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection a…
AS 45.29.808 Person entitled to file initial financing statement or continuation statement.
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A person may file an initial financing statement or a continuation statement under AS 45.29.802 — 45.29.809 if (1) the secured party of record authorizes the filing; and (2) the filing is necessary under AS 45.29.802 — 45.29.809 (A) to continue the effectiveness of a financing st…
AS 45.29.809 Priority.
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AS 45.29.102(a)(8), (13), (61), (85), and (88), 45.29.105, 45.29.307(f), 45.29.311(a), 45.29.316(h) and (i), 45.29.317(b) and (d), 45.29.326, 45.29.406(e), 45.29.408(b), 45.29.503(a), (b), and (f) — (h), 45.29.507(c), 45.29.515(f), 45.29.516(b), 45.29.518, 45.29.607(b), as those …
AS 45.29.810 Instructions to Department of Natural Resources.
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(a) The Department of Natural Resources shall adopt, amend, or repeal regulations to implement AS 45.29.102(a)(8), (13), (61), (85), and (88), 45.29.105, 45.29.307(f), 45.29.311(a), 45.29.316(h) and (i), 45.29.317(b) and (d), 45.29.326, 45.29.406(e), 45.29.408(b), 45.29.503(a), (…
AS 45.29.811 Saving clause.
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AS 45.29.102(a)(8), (13), (61), (85), and (88), 45.29.105, 45.29.307(f), 45.29.311(a), 45.29.316(h) and (i), 45.29.317(b) and (d), 45.29.326, 45.29.406(e), 45.29.408(b), 45.29.503(a), (b), and (f) — (h), 45.29.507(c), 45.29.515(f), 45.29.516(b), 45.29.518, and 45.29.607(b), as th…