reglab/housing_qa huggingface dataset:
AK Stat § 44.85.320 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.320. Powers and duties of trustee on default.

(a) A trustee appointed under AS 44.85.310 may, and shall in the trustee's name, upon written request of the holders of 25 percent in principal amount of the outstanding notes or bonds, (1) by civil action enforce all rights of the noteholders or bondholders, including the right to require the bond bank authority to collect rates, charges, and other fees and to collect interest and amortization payments on municipal bonds and notes held by it adequate to carry out an agreement as to, or pledge of, the rates, charges, and other fees and of the interest and amortization payments, and to require the bond bank authority to carry out any other agreements with the holders of the notes or bonds and to perform its duties under this chapter; (2) bring a civil action upon the notes or bonds; (3) by civil action require the bond bank authority to account as if it were the trustee of an express trust for the holders of the notes or bonds; (4) by civil action enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds; (5) declare all the notes or bonds due and payable, and if all defaults are made good, then with the consent of the holders of 25 percent of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences; (6) in addition to the foregoing, exercise all the powers necessary for the exercise of functions specifically set out or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights. (b) Before declaring the principal of notes or bonds due and payable, the trustee must first give 30 days' notice in writing to the governor, the bond bank authority, the commissioner of commerce, community, and economic development, and the attorney general of the state.
AK Stat § 44.85.330 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.330. Personal liability.

Neither a member of the bond bank authority nor a person executing bonds or notes issued under this chapter is liable personally on the bonds or notes.
AK Stat § 44.85.340 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.340. Exemption from execution and sale.

All property of the bond bank authority is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the property. A judgment against the bond bank authority may not be a charge or lien upon its property; however, nothing in this section applies to or limits the rights of the holder of bonds or notes to pursue a remedy for the enforcement of a pledge or lien given by the bond bank authority on its revenues or other money.
AK Stat § 44.85.350 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.350. Lien of pledge.

A pledge of revenues or other money made by the bond bank authority is binding from the time the pledge is made. Revenues or other money so pledged and thereafter received by the bond bank authority are immediately subject to the lien of the pledge without any further act, and the lien of a pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the bond bank authority, regardless of whether the parties have notice of the lien. Neither the resolution nor any other instrument by which a pledge is created needs to be filed or recorded except in the records of the bond bank authority.
AK Stat § 44.85.360 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.360. Insurance or guaranty.

The bond bank authority may obtain from a department or agency of the United States, or a nongovernmental insurer available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part of interest or principal, on bonds or notes issued by the bond bank authority, or on municipal bonds of municipalities purchased or held by the bond bank authority.
AK Stat § 44.85.370 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.370. Surety for deposits by bank.

All banks, trust companies, savings banks, investment companies, and other persons carrying on a banking business are authorized to give to the bond bank authority a good and sufficient undertaking with such sureties as are approved by the bank to the effect that the bank or banking institution shall faithfully keep and pay over to the order of or upon the warrant of the bond bank authority or its authorized agent all those funds deposited with it by the bank and agreed interest under or by reason of this chapter, at such times or upon such demands as may be agreed with the bank or in lieu of these sureties, deposit with the bond bank authority or its authorized agent or a trustee or for the holders of bonds, as collateral, those securities as the bond bank authority may approve. The deposits of the bond bank authority may be evidenced by an agreement in the form and upon the terms and conditions that may be agreed upon by the bond bank authority and the depository bank or banking institution.
AK Stat § 44.85.380 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.380. Expenses of administration.

All expenses incurred in carrying out this chapter are payable solely from revenues or funds appropriated under this chapter and nothing in this chapter authorizes the bond bank authority to incur an indebtedness or liability on behalf of or payable by the state.
AK Stat § 44.85.390 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.390. Cooperation by government agencies.

All officers, departments, boards, agencies, divisions, and commissions of the state shall render services to the bond bank authority that are within the area of their respective governmental functions and that may be requested by the bond bank authority and must comply promptly with any reasonable request by the bond bank authority relating to making of a study or review as to desirability, need, cost or expense, or financial feasibility with respect to a public project, purpose, or improvement, or the financial or fiscal responsibility or ability of a political subdivision making application for loan to the bond bank authority and for the purchase by the bond bank authority of municipal bonds to be issued by that municipality. The cost and expense of a service requested by the bond bank authority, at the request of the officer, department, board, agency, division, or commission rendering the service, shall be paid by the bond bank authority.
AK Stat § 44.85.400 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.400. Public records; open meetings.

The provisions of AS 40.25.110 - 40.25.120 (public records) and AS 44.62.310 - 44.62.319 (Open Meetings Act) apply to the bond bank authority.
AK Stat § 44.85.410 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.410. Definitions.

In this chapter, unless the context requires otherwise, (1) “bond bank authority” means the Alaska Municipal Bond Bank Authority established by AS 44.85.020; (2) “bonds” means bonds of the bond bank authority issued under this chapter; (3) “governmental employer” means the State of Alaska or a municipality or other state or municipal governmental entity within the state, including an agency, instrumentality, district, school district, public corporation, department, division, or other subdivision of the state or of a municipality, in its capacity as an employer; (4) “municipal bond” means a bond or note or evidence of debt that constitutes (A) a general obligation bond that is a direct and general obligation of a political subdivision of the state, all the taxable property within which is subject to taxation to pay the bond, note, or evidence of debt, and the interest without limitation, as to rate or amount generally to the extent permitted by law or to avoid a default as provided for second class cities under AS 29.45.590; (B) a revenue bond issued by a municipality, the University of Alaska, a regional health organization, a joint action agency formed under AS 42.45.310, a solid waste management authority, or a port authority that pledges the revenue of a revenue-producing capital improvement and that is payable solely from the revenue of the revenue-producing capital improvement; (C) a general obligation bond or revenue bond combined or additionally secured; (D) a bond of a borough issued as a general obligation of a service area under AS 29.47.440 or former AS 29.58.340; or (E) an obligation of a municipality secured only by (i) special assessments on benefited property; (ii) tax increments and a letter of credit or equal security; or (iii) a lease; (5) “notes” means notes of the bond bank authority issued under this chapter; (6) “public body” means a public body corporate and politic or a political subdivision of the state established under any law of the state which may issue municipal bonds; (7) “regional health organization” has the meaning given in AS 18.28.100; (8) “reserve fund” means the Alaska municipal bond bank reserve fund established under AS 44.85.270; (9) “revenues” means all fees, charges, money, profits, payments of principal of or interest on municipal bonds and other investments, gifts, grants, contributions, appropriations, and all other income derived or to be derived by the bond bank authority under this chapter.
AK Stat § 44.85.420 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.420. Short title.

This chapter may be cited as the Alaska Municipal Bond Bank Authority Act or the Alaska Municipal Bond Bank Act. In transactions involving general obligation bonds of municipalities, the Alaska Municipal Bond Bank Authority created by this chapter may be referred to as the Alaska Municipal Bond Bank with the same legal effect as if the reference were to Alaska Municipal Bond Bank Authority.
AK Stat § 45.05.101 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.101. Short title.

This chapter shall be known and may be cited as Uniform Commercial Code - Letters of Credit.
AK Stat § 45.05.103 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.103. Scope.

(a) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this chapter. (c) With the exception of this subsection, (a) and (d) of this section, AS 45.05.102(a)(9) and (10), 45.05.106(d), and 45.05.114(d), and except to the extent prohibited in AS 45.01.302 and AS 45.05.117(d), the effect of this chapter may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this chapter. (d) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or that underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.
AK Stat § 45.05.104 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.104. Formal requirements.

A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (1) by a signature; or (2) under the agreement of the parties or the standard practice referred to in AS 45.05.108(e).
AK Stat § 45.05.105 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.105. Consideration.

Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
AK Stat § 45.05.106 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.106. Issuance, amendment, cancellation, and duration.

(a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it provides that it is revocable. (b) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation to which the beneficiary, applicant, confirmer, or issuer has not consented, except to the extent the letter of credit provides that the letter of credit is revocable or that the issuer may amend or cancel the letter of credit without the consent. (c) If there is no stated expiration date or other provision that determines the letter of credit's duration, a letter of credit expires one year after its stated date of issuance or, if a date of issuance is not stated, after the date on which the letter of credit is issued. (d) A letter of credit that states that it is perpetual expires five years after its stated date of issuance or, if a date of issuance is not stated, after the date on which the letter of credit is issued.
AK Stat § 45.05.107 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.107. Confirmer, nominated person, and adviser.

(a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of the confirmer's confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer. (b) A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation. (c) A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary to advise accurately as to the terms of the letter of credit, confirmation, amendment, or advice received by the person requested to advise, and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation, or amendment is enforceable as issued. (d) A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment, or advice has the rights and obligations of an adviser under (c) of this section. The terms in the notice to the transferee beneficiary may differ from the terms in a notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment, or advice received by the person who notifies the transferee beneficiary.
AK Stat § 45.05.109 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.109. Fraud and forgery.

(a) If a presentation is made that appears on its face to comply strictly with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, the issuer (1) shall honor the presentation, if honor is demanded by (A) a nominated person that has given value in good faith and without notice of forgery or material fraud; (B) a confirmer that has honored its confirmation in good faith; (C) a holder in due course of a draft that was drawn under the letter of credit and that was taken after acceptance by the issuer or nominated person; or (D) an assignee of the issuer's or nominated person's deferred obligation if the obligation was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and (2) acting in good faith, may honor or dishonor the presentation in a case not covered by (1) of this subsection. (b) If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that (1) the relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer; (2) a beneficiary, issuer, or nominated person who may be adversely affected is adequately protected against loss that the beneficiary, issuer, or nominated person may suffer because the relief is granted; (3) all of the conditions that entitle a person to the relief under the law of this state are met; and (4) on the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud, and the person demanding honor does not qualify for protection under (a)(1) of this section.
AK Stat § 45.05.110 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.110. Warranties.

(a) If its presentation is honored, the beneficiary warrants to (1) the issuer, another person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in AS 45.05.109(a); and (2) the applicant that the drawing does not violate an agreement between the applicant and beneficiary or another agreement intended by them to be augmented by the letter of credit. (b) The warranties in (a) of this section are in addition to warranties arising under AS 45.03, AS 45.04, AS 45.07, and AS 45.08 because of the presentation or transfer of documents covered by those chapters.
AK Stat § 45.05.111 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.111. Remedies.

(a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer is reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation, the claimant does not need to present a document. (b) If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of the issuer's obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. (c) If an adviser or nominated person other than a confirmer breaches an obligation under this chapter or an issuer breaches an obligation not covered in (a) or (b) of this section, a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and in (a) and (b) of this section. (d) An issuer, nominated person, or adviser who is found liable under (a) - (c) of this section shall pay interest on the amount owed under the liability from the date of wrongful dishonor or other appropriate date. (e) Attorney fees and costs shall be awarded under Rules 79 and 82, Alaska Rules of Civil Procedure, to the prevailing party in an action in which a remedy is sought under this chapter. (f) Damages that would otherwise be payable by a party for breach of an obligation under this chapter may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.
AK Stat § 45.05.112 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.112. Transfer of letter of credit.

(a) Except as otherwise provided in AS 45.05.113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if (1) the transfer would violate applicable law; or (2) the transferor or transferee has failed to comply with a requirement stated in the letter of credit, or with another requirement that (A) relates to transfer imposed by the issuer; and (B) is within the standard practice referred to in AS 45.05.108(e) or is otherwise reasonable under the circumstances.
AK Stat § 45.05.113 (2021)
2021 Alaska Statutes|Title 45. Trade and Commerce|Chapter 05. Letters of Credit|Sec. 45.05.113. Transfer by operation of law.

(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. (b) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in (e) of this section, an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for the successor's predecessor upon compliance with (1) the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice in AS 45.05.108(e); or (2) in the absence of the standard practice referred to in AS 45.05.108(e), other reasonable procedures sufficient to protect the issuer. (c) An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized. (d) Honor of a purported successor's apparently complying presentation under (a) or (b) of this section has the consequences specified in AS 45.05.108(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is not the beneficiary or the successor of the beneficiary are forged documents for the purposes of AS 45.05.109. (e) An issuer whose rights of reimbursement are not covered by (d) of this section, or by substantially similar law, and any confirmer or nominated person may decline to recognize a presentation under (b) of this section. (f) A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.