Alaska Statutes Title 45, Chapter 45.29, Article 06 - Default

• Sec. 45.29.601 Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
  (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...
• Sec. 45.29.602 Waiver and Variance of Rights and Duties.
  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...
• Sec. 45.29.603 Agreement on Standards Concerning Rights and Duties.
  (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of...
• Sec. 45.29.604 Procedure If Security Agreement Covers Real Property or Fixtures.
  (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...
• Sec. 45.29.605 Unknown Debtor or Secondary Obligor.
  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...
• Sec. 45.29.606 Time of Default for Agricultural Lien.
  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...
• Sec. 45.29.607 Collection and Enforcement by Secured Party.
  (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...
• Sec. 45.29.608 Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.
  (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...
• Sec. 45.29.609 Secured Party's Right to Take Possession After Default.
  (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...
• Sec. 45.29.610 Disposition of Collateral After Default.
  (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition...
• Sec. 45.29.611 Notification Before Disposition of Collateral.
  (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...
• Sec. 45.29.612 Timeliness of Notification Before Disposition of Collateral.
  (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)...
• Sec. 45.29.613 General Notification Before Disposition of Collateral.
  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...
• Sec. 45.29.614 Notification Before Disposition of Collateral in Consumer Goods Transaction.
  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...
• Sec. 45.29.615 Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus.
  (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...
• Sec. 45.29.616 Explanation of Calculation of Surplus or Deficiency.
  (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)...
• Sec. 45.29.617 Rights of Transferee of Collateral.
  (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...
• Sec. 45.29.618 Rights and Duties of Certain Secondary Obligors.
  (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...
• Sec. 45.29.619 Transfer of Record or Legal Title.
  (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...
• Sec. 45.29.620 Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
  (a) Except as otherwise provided in (g) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation...
• Sec. 45.29.621 Notification of Proposal to Accept Collateral.
  (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)...
• Sec. 45.29.622 Effect of Acceptance of Collateral.
  (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...
• Sec. 45.29.623 Right to Redeem Collateral.
  (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...
• Sec. 45.29.624 Waiver.
  (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...
• Sec. 45.29.625 Remedies for Secured Party's Failure to Comply With Chapter.
  (a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection,...
• Sec. 45.29.626 Action in Which Deficiency or Surplus is in Issue.
  (a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in...
• Sec. 45.29.627 Determination of Whether Conduct Was Commercially Reasonable.
  (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in...
• Sec. 45.29.628 Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.
  (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to...

Last modified: November 15, 2016