reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 personal property without prejudicing any rights with respect to the real property; or
(2) as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of AS 45.29.601 - 45.29.628 do not apply.
(b) Subject to (c) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed
(1) under AS 45.29.601 - 45.29.628; or
(2) in accordance with the rights with respect to real property, in which case the other provisions of AS 45.29.601 - 45.29.628 do not apply.
(c) Subject to the other provisions of AS 45.29.601 - 45.29.628, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d) A secured party that removes collateral shall promptly reimburse an encumbrancer or owner of the real property, other than the debtor, for the cost of repair of physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for diminution in value of the real property caused by the absence of the goods removed or by the necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 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 secured party or lienholder that has filed a financing statement against a person unless the secured party knows
(A) that the person is a debtor; and
(B) the identity of the person.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 to enforce the lien in accordance with the statute under which it was created.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 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 is entitled under AS 45.29.315;
(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor and with respect to property that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under AS 45.29.104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5) if it holds a security interest in a deposit account perfected by control under AS 45.29.104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b) If necessary to enable a secured party to exercise under (a)(3) of this section the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which the mortgage is recorded
(1) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2) the secured party's sworn affidavit in recordable form stating that
(A) a default has occurred with respect to the obligation secured by the mortgage; and
(B) the secured party is entitled to enforce the mortgage nonjudicially.
(c) A secured party shall proceed in a commercially reasonable manner if the secured party
(1) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d) A secured party may deduct from the collections made under (c) of this section reasonable expenses of collection and enforcement, including reasonable attorney fees and legal expenses incurred by the secured party.
(e) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 or pay over for application the cash proceeds of collection or enforcement under AS 45.29.607 in the following order to
(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney fees and legal expenses incurred by the secured party;
(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) the satisfaction of obligations secured by a subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed;
(2) if requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time; unless the holder complies, the secured party need not comply with the holder's demand under (1)(C) of this subsection;
(3) a secured party need not apply or pay over for application noncash proceeds of collection and enforcement under AS 45.29.607 unless the failure to do so would be commercially unreasonable; a secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner;
(4) a secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 a debtor's premises under AS 45.29.610.
(b) A secured party may proceed under subsection (a) of this section
(1) in accordance with judicial process; or
(2) without judicial process if it proceeds without breach of the peace.
(c) If so agreed and, in any event, after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party that is reasonably convenient to both parties.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 or following commercially reasonable preparation or processing.
(b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like that by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under (d) of this section
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) A record is sufficient to disclaim warranties under (e) of this section if it indicates “There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition” or uses words of similar import.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 obligor an authenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Except as otherwise provided in (d) of this section, a secured party that disposes of collateral under AS 45.29.610 shall send to the persons specified in (c) of this section a reasonable authenticated notification of disposition.
(c) To comply with (b) of this section, the secured party shall send an authenticated notification of disposition to
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods,
(A) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B) any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C) any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in AS 45.29.311(a).
(d) The provisions of (b) of this section do not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for notification prescribed by (c)(3)(B) of this section if
(1) not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in (c)(3)(B) of this section; and
(2) before the notification date, the secured party
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set out in the notification is sent within a reasonable time before the disposition.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 debtor and the secured party;
(B) describes the collateral that is the subject of the intended disposition;
(C) states the method of intended disposition;
(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E) states the time and place of a public disposition or the time after which any other disposition is to be made;
(2) whether the contents of a notification that lacks any of the information specified in (1) of this section are nevertheless sufficient is a question of fact;
(3) the contents of a notification providing substantially the information specified in (1) of this section are sufficient even if the notification includes
(A) information not specified by that paragraph; or
(B) minor errors that are not seriously misleading;
(4) a particular phrasing of the notification is not required;
(5) the following form of notification and the form appearing in AS 45.29.614(3), when completed, each provide sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERALTo: (Name of debtor, obligor, or other person to which the notification is sent) From: (Name, address, and telephone number of secured party) Name of Debtor(s): (Include only if debtor(s) are not an addressee) (For a public disposition:)We will sell (or lease or license, as applicable) the (describe collateral) (to the highest qualified bidder) in public as follows:Day and Date:
Time:
Place:
(For a private disposition:)We will sell (or lease or license, as applicable) the (describe collateral) privately sometime after (day and date) .You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell (or lease or license, as applicable) (for a charge of $ ____________ ). You may request an accounting by calling us at (telephone number) .
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 the security interest under which the disposition is made; and
(3) discharges any subordinate security interest or other subordinate lien.
(b) A transferee who acts in good faith takes free of the rights and interests described in (a) of this section even if the secured party fails to comply with this chapter or the requirements of a judicial proceeding.
(c) If a transferee does not take free of the rights and interests described in (a) of this section, the transferee takes the collateral subject to
(1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and
(3) any other security interest or other lien.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 assignment of a secured obligation from the secured party;
(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer, or subrogation described in (a) of this section
(1) is not a disposition of collateral under AS 45.29.610; and
(2) relieves the secured party of further duties under this chapter.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 obligation secured by specified collateral;
(2) that the secured party has exercised its post-default remedies with respect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in an official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(c) A transfer of the record or legal title to collateral to a secured party under (b) of this section or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder who, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) any other secured party who, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in AS 45.29.311(a).
(b) A secured party who desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in (a) of this section.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 to by the debtor;
(2) transfers to the secured party all of a debtor's rights in the collateral;
(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4) terminates any other subordinate interest.
(b) A subordinate interest is discharged or terminated under (a) of this section, even if the secured party fails to comply with this chapter.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 all obligations secured by the collateral; and
(2) the reasonable expenses and attorney fees described in AS 45.29.615(a)(1).
(c) A redemption may occur at any time before a secured party has
(1) collected collateral under AS 45.29.607;
(2) disposed of collateral or entered into a contract for its disposition under AS 45.29.610; or
(3) accepted collateral in full or partial satisfaction of the obligation it secures under AS 45.29.622.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 that effect entered into and authenticated after default.
(b) A debtor may waive the right to require disposition of collateral under AS 45.29.620(e) only by an agreement to that effect entered into and authenticated after default.
(c) Except in a consumer goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under AS 45.29.623 only by an agreement to that effect entered into and authenticated after default.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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, enforcement, or disposition of collateral on appropriate terms and conditions.
(b) Subject to (c), (d), and (f) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.
(c) Except as otherwise provided in AS 45.29.628,
(1) a person who, at the time of the failure, was a debtor or an obligor or held a security interest in or other lien on the collateral may recover damages under (b) of this section for its loss; and
(2) if the collateral is consumer goods, a person who was a debtor or secondary obligor at the time a secured party failed to comply with AS 45.29.601 - 45.29.628 may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price.
(d) A debtor whose deficiency is eliminated under AS 45.29.626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under AS 45.29.626 may not otherwise recover under (b) of this section for noncompliance with the provisions of AS 45.29.601 - 45.29.628 relating to collection, enforcement, disposition, or acceptance.
(e) In addition to damages recoverable under (b) of this section, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover $500 in each case from a person that
(1) fails to comply with AS 45.29.208;
(2) fails to comply with AS 45.29.209;
(3) files a record that the person is not entitled to file under AS 45.29.509(a);
(4) fails to cause the secured party of record to file or send a termination statement as required by AS 45.29.513(a) or (c);
(5) fails to comply with AS 45.29.616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or
(6) fails to comply with AS 45.29.616(b)(2).
(f) A debtor or consumer obligor may recover damages under (b) of this section and, in addition, $500 in each case from a person who, without reasonable cause, fails to comply with a request under AS 45.29.210. A recipient of a request under AS 45.29.210 who never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection.
(g) If a secured party fails to comply with a request regarding a list of collateral or a statement of account under AS 45.29.210, the secured party may claim a security interest only as shown on the list or statement included in the request as against a person who is reasonably misled by the failure.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 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 collection, enforcement, disposition, or acceptance unless the debtor or secondary obligor places the secured party's compliance in issue;
(2) if the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in compliance with the provisions of AS 45.29.601 - 45.29.628;
(3) except as otherwise provided in AS 45.29.628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in compliance with the provisions of AS 45.29.601 - 45.29.628 relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney fees exceeds the greater of
(A) the proceeds of the collection, enforcement, disposition, or acceptance; or
(B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in compliance with the provisions of AS 45.29.601 - 45.29.628 relating to collection, enforcement, disposition, or acceptance;
(4) for purposes of (3)(B) of this subsection, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney fees unless the secured party proves that the amount is less than that sum;
(5) if a deficiency or surplus is calculated under AS 45.29.615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b) The limitation of the rules in (a) of this section to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made
(1) in the usual manner on any recognized market;
(2) at the price current in any recognized market at the time of the disposition; or
(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved
(1) in a judicial proceeding;
(2) by a bona fide creditors' committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 6. Default. › 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 communicate with the person,
(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and
(2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(b) A secured party is not liable because of its status as secured party
(1) to 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) to a secured party or lienholder that has filed a financing statement against a person unless the secured party knows
(A) that the person is a debtor; and
(B) the identity of the person.
(c) A secured party is not liable to a person, and a person's liability for a deficiency is not affected, because of an act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer goods transaction or a consumer transaction or that goods are not consumer goods if the secured party's belief is based on its reasonable reliance on
(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) A secured party is not liable to a person under AS 45.29.625(c)(2) for its failure to comply with AS 45.29.616.
(e) A secured party is not liable under AS 45.29.625(c)(2) more than once with respect to any one secured obligation.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.702. Savings clause.

(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 - 45.29.709,
(1) transactions and liens that were not governed by former AS 45.09, were validly entered into or created before July 1, 2001, and would be subject to this chapter if they had been entered into or created on or after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid on and after July 1, 2001; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted under this chapter or by the law that otherwise would apply if this chapter had not taken effect.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.703. Security interest perfected before effective date.

(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 perfection under this chapter are satisfied without further action.
(b) Except as otherwise provided in AS 45.29.705, if, on June 30, 2001, a security interest is enforceable and would have priority over the rights of a person who becomes a lien creditor June 30, 2001, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest
(1) is a perfected security interest until July 1, 2002;
(2) remains enforceable on and after July 1, 2002, only if the security interest becomes enforceable under AS 45.29.203 before July 1, 2002; and
(3) remains perfected on and after July 1, 2002, only if the applicable requirements for perfection under this chapter are satisfied before July 1, 2002.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.704. Security interest unperfected before effective date.

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 security interest becomes enforceable under AS 45.29.203 on July 1, 2001, or before July 1, 2002; and
(3) becomes perfected
(A) without further action on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before July 1, 2001; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied on or after July 1, 2001.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.705. Effectiveness of action taken before effective date.

(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, 2001, the action is effective to perfect a security interest that attaches under this chapter before July 1, 2002. An attached security interest becomes unperfected on July 1, 2002, unless the security interest becomes a perfected security interest under this chapter before July 1, 2002.
(b) The filing of a financing statement before July 1, 2001, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter.
(c) This chapter does not render ineffective an effective financing statement that, before July 1, 2001, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former AS 45.09.103. However, except as otherwise provided in (d) and (e) of this section and AS 45.29.706, the financing statement ceases to be effective at the earlier of
(1) the time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2) June 30, 2006.
(d) The filing of a continuation statement on or after July 1, 2001, does not continue the effectiveness of the financing statement filed before July 1, 2001. However, upon the timely filing of a continuation statement on or after July 1, 2001, and in accordance with the law of the jurisdiction governing perfection as provided in AS 45.29.301 - 45.29.342, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2001, continues for the period provided by the law of that jurisdiction.
(e) The provisions of (c)(2) of this section apply to a financing statement that, before July 1, 2001, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former AS 45.09.103 only to the extent that AS 45.29.301 - 45.29.342 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(f) A financing statement that includes a financing statement filed before July 1, 2001, and a continuation statement filed on or after July 1, 2001, is effective only to the extent that it satisfies the requirements of AS 45.29.501 - 45.29.525 for an initial financing statement.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.706. When initial financing statement suffices to continue effectiveness of financing statement.

(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 interest under this chapter;
(2) the pre-effective date financing statement was filed in an office in another state or another office in this state; and
(3) the initial financing statement satisfies (b) of this section.
(b) The filing of an initial financing statement under (a) of this section continues the effectiveness of the pre-effective date financing statement if the initial financing statement is filed
(1) before July 1, 2001, for the period provided in former AS 45.09.403 with respect to a financing statement; and
(2) on or after July 1, 2001, for the period provided in AS 45.29.515 with respect to an initial financing statement.
(c) To be effective for purposes of (a) of this section, an initial financing statement must
(1) satisfy the requirements of AS 45.29.501 - 45.29.524 for an initial financing statement;
(2) identify the pre-effective date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective date financing statement remains effective.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.707. Amendment of pre-effective date financing statement.

(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 perfection as provided in AS 45.29.301 - 45.29.342. However, the effectiveness of a pre-effective date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(b) Except as otherwise provided in (c) of this section, if the law of this state governs perfection of a security interest, the information in a pre-effective date financing statement may be amended on or after July 1, 2001, only if
(1) the pre-effective date financing statement and an amendment are filed in the office specified in AS 45.29.501;
(2) an amendment is filed in the office specified in AS 45.29.501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies AS 45.29.706(c); or
(3) an initial financing statement that provides the information as amended and satisfies AS 45.29.706(c) is filed in the office specified in AS 45.29.501.
(c) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective date financing statement may be continued only under AS 45.29.705(d) and (f) or 45.29.706.
(d) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective date financing statement filed in this state may be terminated on or after July 1, 2001, by filing a termination statement in the office in which the pre-effective date financing statement is filed, unless an initial financing statement that satisfies AS 45.29.706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in AS 45.29.301 - 45.29.342 as the office in which to file a financing statement.
(e) In this section, “pre-effective date financing statement” means a financing statement filed before July 1, 2001.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.708. Persons entitled to file initial financing statement or continuation statement.

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 statement filed before July 1, 2001; or
(B) perfect or continue the perfection of a security interest.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 7. Transitional Provisions. › Sec. 45.29.709. Priority.

(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 AS 45.29.322(a), the priority of a security interest that becomes enforceable under AS 45.29.203 dates from July 1, 2001, if the security interest is perfected under this chapter by the filing of a financing statement before July 1, 2001, that would not have been effective to perfect the security interest under former AS 45.09. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 8. Transitional Provisions for 2013 Amendments. › Sec. 45.29.802. Applicability.

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), 45.29.515(f), 45.29.516(b), 45.29.518, and 45.29.607(b), as those provisions read on July 1, 2013, apply to a transaction or lien within the scope of 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 those provisions read on July 1, 2013, even if the transaction or lien was entered into or created before July 1, 2013.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 8. Transitional Provisions for 2013 Amendments. › Sec. 45.29.803. Security interest perfected before July 1, 2013.

(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 and perfection under AS 45.29.101 - 45.29.709, as those sections read on July 1, 2013, are satisfied without further action.
(b) Except as otherwise provided in AS 45.29.805, if, immediately before July 1, 2013, a security interest is a perfected security interest, but the applicable requirements for perfection under AS 45.29.101 - 45.29.709, as those sections read on July 1, 2013, are not satisfied on or before June 30, 2013, the security interest remains perfected on and after July 1, 2013, only if the applicable requirements for perfection under AS 45.29.101 - 45.29.709, as those sections read on July 1, 2013, are satisfied not later than July 1, 2014.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 8. Transitional Provisions for 2013 Amendments. › Sec. 45.29.804. Security interest unperfected before July 1, 2013.

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, are satisfied on or before June 30, 2013; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied on or after July 1, 2013.
2023 Alaska Statutes › Title 45. Trade and Commerce › Chapter 29. Secured Transactions › Article 8. Transitional Provisions for 2013 Amendments. › Sec. 45.29.806. When initial financing statement suffices to continue effectiveness of financing statement.

(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 interest under AS 45.29.101 - 45.29.709, as those sections read on July 1, 2013;
(2) the financing statement filed before July 1, 2013, was filed in an office in another state; and
(3) the initial financing statement satisfies (c) of this section.
(b) The filing of an initial financing statement under (a) of this section continues the effectiveness of the financing statement filed before July 1, 2013,
(1) if the initial financing statement is filed before July 1, 2013, for the period provided in AS 45.29.515, as that section existed before July 1, 2013, with respect to an initial financing statement; and
(2) if the initial financing statement is filed on or after July 1, 2013, for the period provided in AS 45.29.515, as that section existed before July 1, 2013, with respect to an initial financing statement.
(c) To be effective for purposes of (a) of this section, an initial financing statement must
(1) satisfy the requirements of AS 45.29.503(a), (b), and (f) - (h), 45.29.507(c), 45.29.515(f), 45.29.516(b), and 45.29.518, as those provisions read on July 1, 2013, for an initial financing statement;
(2) identify the financing statement filed before July 1, 2013, by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the financing statement filed before July 1, 2013, remains effective.