(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, security interest, or agricultural lien by available judicial procedures; […]
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 and operation of the collateral by […]
(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 section do not apply to the duty […]
(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 […]
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) […]
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 is entitled under AS 45.29.315; […]
(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 […]
(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 […]
(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) 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 […]
(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 […]
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 […]
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 sent; (C) a telephone number from which the amount that must be […]
(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 agreement and not prohibited by law, reasonable attorney fees and legal expenses […]
(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 debits, credits, charges, including additional credit service charges or […]
(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 […]
(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 […]
(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 […]
(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 the time set out in (d) of […]
