Title 45, Trade and Commerce

(a) Except as otherwise provided in (b) and (e) — (g) of this section, a filed financing statement is effective for a period of five years after the date of filing. (b) Except as otherwise provided in (e) — (g) of this section, an initial financing statement filed in connection w…

(a) Except as otherwise provided in (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (b) Filing does not occur with respect to a record that a filing office refuses …

The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.

(a) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (b) An information statement under (a) of this section must (1) identif…

(a) For each record filed in a filing office, the filing office shall (1) assign a unique number to the filed record; (2) create a record that bears the number assigned to the filed record and the date and time of filing; (3) maintain the filed record for public inspection; and (…

(a) A filing office shall refuse to accept a record for filing for a reason set out in AS 45.29.516(b) and may refuse to accept a record for filing only for a reason set out in AS 45.29.516(b). (b) If a filing office refuses to accept a record for filing, the filing office shall …

[Repealed or reserved.]

(a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under AS 45.29.515 with respect to all secured parties of record. The record must be retrie…

(a) If a person who files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record under AS 45.29.519(a)(1) and the date and time of the filing of the record. However, if…

Delay by the filing office beyond a time limit prescribed by AS 45.29.501 — 45.29.525 is excused if (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filin…

The Department of Natural Resources shall adopt regulations that set the fees for (1) recording or filing and indexing a document under AS 45.29.501 — 45.29.525; and (2) responding to a request for information or copies from the filing office, including for communicating whether …

Article 6. Default. Under AS 37.05.146(c), fees for services for recording and related services of the Department of Natural Resources for secured transactions under AS 45.29 (Uniform Commercial Code — Secured Transactions) shall be accounted for separately, and appropriations fr…

(a) After default, a secured party has the rights provided in AS 45.29.601 — 45.29.628 and, except as otherwise provided in AS 45.29.602, those provided by agreement of the parties. A secured party (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, sec…

Except as otherwise provided in AS 45.29.624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following sections: (1) AS 45.29.207(b)(4)(C), which deals with use a…

(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in AS 45.29.602 if the standards are not manifestly unreasonable. (b) The provisions of (a) of this sectio…

(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…

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…

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.

(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…

(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) …

(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…

(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…

(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 …

(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…

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…

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…

(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…

(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…

(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…

(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…

(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…

(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 …

(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…

(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor's rights in the collateral; (3) discharges the se…

(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…

(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…

(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 …

(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…

(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…

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…

(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.…

(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…

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…

(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…

(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…

(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…