Title 45 — Trade and Commerce
49 chapters · 1,288 sections in this title.
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.
AS 45.14.101 Short title.
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This chapter may be cited as Uniform Commercial Code — Funds Transfers.
AS 45.14.102 Subject matter.
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Except as otherwise provided in AS 45.14.108, this chapter applies to funds transfers defined in AS 45.14.104.
AS 45.14.103 Payment order; definitions.
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(a) In this chapter, (1) “payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if (A) the instruction does not stat…
AS 45.14.104 Funds transfer; definitions.
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In this chapter, (1) “funds transfer” means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order; the term includes any payment order issued by the originator's bank or an intermediary ba…
AS 45.14.105 Other definitions.
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(a) In this chapter, (1) “authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank; if a customer does not so designate an account, any account of the customer is an …
AS 45.14.106 Time payment order is received.
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(a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in AS 45.01.212. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt…
AS 45.14.107 Federal reserve regulations and operating circulars.
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Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the federal reserve banks supersede an inconsistent provision of this chapter to the extent of the inconsistency.
AS 45.14.108 Relationship to federal law.
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Article 2. Issue and Acceptance of Payment Order. (a) Except as provided in (b) of this section, this chapter does not apply to a funds transfer if a part of the funds transfer is governed by 15 U.S.C. 1693 — 1693r (Electronic Fund Transfer Act of 1978), as amended from time to t…
AS 45.14.201 Security procedure.
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(a) In this chapter, “security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment order or communication amending or canceling a payment order is that of the customer; or (2) detecting error in …
AS 45.14.202 Authorized and verified payment orders.
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(a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (b) If a bank and its customer have agreed that the authenticity of payment order…
AS 45.14.203 Unenforceability of certain verified payment orders.
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(a) If an accepted payment order is not, under AS 45.14.202(a), an authorized order of a customer identified as sender, but is effective as an order of the customer under AS 45.14.202(b), the following rules apply: (1) by express written agreement, the receiving bank may limit th…
AS 45.14.204 Refund of payment and duty of customer to report with respect to unauthorized payment order.
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(a) If a receiving bank accepts a payment order issued in the name of its customer as sender and if the payment order is not authorized and not effective as the order of the customer under AS 45.14.202, or not enforceable in whole or in part against the customer under AS 45.14.20…
AS 45.14.205 Erroneous payment orders.
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(a) If an accepted payment order was transmitted under a security procedure for the detection of error and the payment order was an erroneous payment order, the following rules apply: (1) if the sender proves that the sender or a person acting on behalf of the sender under AS 45.…
AS 45.14.206 Transmission of payment order through funds-transfer or other communication system.
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(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is considered to be an agent of the sender for the purpose of transmitting the payment order to the ban…
AS 45.14.207 Misdescription of beneficiary.
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(a) Subject to (b) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order…
AS 45.14.208 Misdescription of intermediary bank or beneficiary's bank.
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(a) The following rules in this subsection apply to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number: (1) the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and n…
AS 45.14.209 Acceptance of payment order.
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(a) Subject to (d) of this section, a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. (b) Subject to (c) and (d) of this section, a beneficiary's bank accepts a payment order at the earliest of the following times: (1) when the…
AS 45.14.210 Rejection of payment order.
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(a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection does not need to use particular words and is sufficient if it indicates that the receiving bank is rejecting the o…
AS 45.14.211 Cancellation and amendment of payment order.
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(a) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective …
AS 45.14.212 Liability and duty of receiving bank regarding unaccepted payment order.
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Article 3. Execution of Sender's Payment Order by Receiving Bank. If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this chapter, but …
AS 45.14.301 Execution and execution date.
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(a) A payment order is executed by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but cannot be executed. (b) “Execution date” of a payment order me…
AS 45.14.302 Obligations of receiving bank in execution of payment order.
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(a) Except as provided in (b) — (d) of this section, if the receiving bank accepts a payment order under AS 45.14.209(a), the bank has the following obligations in executing the order: (1) the receiving bank is obliged to issue, on the execution date, a payment order complying wi…
AS 45.14.303 Erroneous execution of payment order.
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(a) If a receiving bank executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender's order, or if a receiving bank issues a payment order in execution of the sender's order and then issues a duplicate order, the bank is …
AS 45.14.304 Duty of sender to report erroneously executed payment order.
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If the sender of a payment order that is erroneously executed as stated in AS 45.14.303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to…
AS 45.14.305 Liability for late or improper execution or failure to execute payment order.
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Article 4. Payment. (a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of AS 45.14.302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds t…
AS 45.14.401 Payment date.
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“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's …
AS 45.14.402 Obligation of sender to pay receiving bank.
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(a) This section is subject to AS 45.14.205 and 45.14.207. (b) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the or…
AS 45.14.403 Payment by sender to receiving bank.
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(a) Payment of the sender's obligation under AS 45.14.402 to pay the receiving bank occurs as follows: (1) if the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or through a funds-transfer system…
AS 45.14.404 Obligation of beneficiary's bank to pay and give notice to beneficiary.
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(a) Subject to AS 45.14.211(f) and 45.14.405(d) and (e), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment d…
AS 45.14.405 Payment by beneficiary's bank to beneficiary.
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(a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under AS 45.14.404(a) occurs when and to the extent that (1) the beneficiary is notified of the right to withdraw the credit; (2) the bank lawfully applies the…
AS 45.14.406 Payment by originator to beneficiary; discharge of underlying obligation.
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Article 5. Miscellaneous Provisions. (a) Subject to AS 45.14.211(f) and 45.14.405(d) and (e), the originator of a funds transfer pays the beneficiary of the originator's payment order (1) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiar…
AS 45.14.501 Variation by agreement and effect of funds-transfer system rule.
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(a) Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. (b) Except as otherwise provided in this chapter, a funds-transfer system rule governing rights and obligations between pa…
AS 45.14.502 Creditor process served on receiving bank; setoff by beneficiary's bank.
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(a) This subsection applies to creditor process with respect to an authorized account of the sender of a payment order if the creditor process is served on the receiving bank. For the purpose of determining rights with respect to the creditor process, if the receiving bank accept…
AS 45.14.503 Injunction or restraining order with respect to funds transfer.
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(a) For proper cause and in compliance with applicable law, a court may restrain (1) a person from issuing a payment order to initiate a funds transfer; (2) an originator's bank from executing the payment order of the originator; or (3) the beneficiary's bank from releasing funds…
AS 45.14.504 Order in which items and payment orders may be charged to account; order of withdrawals from account.
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(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence. (b) In d…
AS 45.14.505 Preclusion of objection to debit of customer's account.
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If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that…
AS 45.14.506 Rate of interest.
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(a) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (1) by agreement of the sender and receiving bank; or (2) by a funds-transfer system rule if the payment order is trans…
AS 45.14.507 Choice of law.
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(a) The following rules apply unless the affected parties otherwise agree or (c) — (d) of this section applies: (1) the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is l…
AS 45.20.010 Certain claimants in possession considered owner of ores.
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A person in the actual and peaceable possession of a mining claim, under claim or color of title, and engaged in the mining, shipment and treatment, or sale of ore from it, shall, as to all persons purchasing the ore in good faith and without notice as provided in this chapter of…
AS 45.20.020 When purchaser considered owner of ore; nonliability to person subsequently adjudged owner.
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A person who in good faith and in the usual course of business and without notice, as provided in this chapter, purchases and obtains delivery of ore from a person in possession of the mines or mining claim from which the ore has been mined or extracted, shall be considered the o…
AS 45.20.030 Notice to purchaser by claimant or owner out of possession; court action.
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If a person is or claims to be the owner or entitled to the possession or enjoyment of a mine, mining claim, or premises, then in the possession of another, claiming to be the owner or entitled to the possession and mining, shipping or treating or selling the ore from it, the pur…
AS 45.20.040 Failure to bring action.
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If a person claiming the title to or right of possession of a mine, mining claim, or premises, not having before then brought action, serves notice upon a purchaser or intending purchaser of ore as provided in AS 45.20.030, and fails or neglects to begin an action as required in …
AS 45.20.050 Liability of purchaser to person adjudged owner or entitled to possession.
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A purchaser of ore, who receives the notice provided for in this chapter, followed or preceded by the commencement of an action, as set out in this chapter, and who purchases or continues to purchase and receive ore taken from the mine, mining claim, or premises named in the noti…
AS 45.25.010 Applicability.
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AS 45.25.020 — 45.25.310 apply to franchise agreements between a manufacturer and its new motor vehicle dealers in this state.
AS 45.25.020 Jurisdiction; venue.
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(a) The courts of this state have jurisdiction over a legal dispute between a manufacturer located in or outside this state and a new motor vehicle dealer located in this state, and the dispute is governed by and interpreted and adjudicated under the law of this state. (b) Venue …
AS 45.25.030 Corporate affiliates.
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Article 2. Franchise Agreements. (a) A manufacturer may not use a subsidiary corporation, affiliated corporation, partnership, association, or other person to accomplish what would be prohibited for the manufacturer under this chapter. (b) This section does not limit the right of…