- Alaska Statutes.
- Title 34. Property
- Chapter 20. Mortgages and Trust Deeds
- Section 70. Sale By Trustee.
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. Sale at Public Auction.
AS 34.20.070. Sale By Trustee.
- (a) If a deed of trust is executed conveying real property located in the state to a trustee as security for the payment
of an indebtedness and the deed provides that in case of default or noncompliance with the terms of the trust, the
trustee may sell the property for condition broken, the trustee, in addition to the right of foreclosure and sale, may
execute the trust by sale of the property, upon the conditions and in the manner set forth in the deed of trust,
without first securing a decree of foreclosure and order of sale from the court, if the trustee has complied with the
notice requirements of (b) of this section. If the deed of trust is foreclosed judicially or the note secured by the
deed of trust is sued on and a judgment is obtained by the beneficiary, the beneficiary may not exercise the
nonjudicial remedies described in this section.
- (b) Not less than 30 days after the default and not less than three months before the sale the trustee shall record in the
office of the recorder of the recording district in which the trust property is located a notice of default setting out
(1) the name of the trustor, (2) the book and page where the trust deed is recorded or the serial number assigned to
the trust deed by the recorder, (3) a description of the trust property, including the property's street address if
there is a street address for the property, (4) a statement that a breach of the obligation for which the deed of trust
is security has occurred, (5) the nature of the breach, (6) the sum owing on the obligation, (7) the election by the
trustee to sell the property to satisfy the obligation, and (8) the date, time, and place of the sale. An inaccuracy in
the street address may not be used to set aside a sale if the legal description is correct. At any time before the
sale, if the default has arisen by failure to make payments required by the trust deed, the default may be cured by
payment of the sum in default other than the principal that would not then be due if no default had occurred, plus
attorney fees or court costs actually incurred by the trustee due to the default. If, under the same trust deed, notice
of default under this subsection has been recorded two or more times previously and the default has been cured under
this subsection, the trustee may elect to refuse payment and continue the sale.
- (c) Within 10 days after recording the notice of default, the trustee shall mail a copy of the notice by certified mail to
the last known address of each of the following persons or their legal representatives: (1) the grantor in the trust
deed; (2) the successor in interest to the grantor whose interest appears of record or of whose interest the trustee or
the beneficiary has actual notice, or who is in possession of the property; (3) any other person in possession of or
occupying the property; (4) any person having a lien or interest subsequent to the interest of the trustee in the trust
deed, where the lien or interest appears of record or where the trustee or the beneficiary has actual notice of the
lien or interest. The notice may be delivered personally instead of by mail.
- (d) If the State of Alaska is a subsequent party, the trustee, in addition to the notice of default, shall give the state
a supplemental notice of any state lien existing as of the date of filing the notice of default. This notice must set
out, with such particularity as reasonably available information will permit, the nature of the state's lien, including
the name and address, if known, of the person whose liability created the lien, the amount shown on the lien document,
the department of the state government involved, the recording district, and the book and page on which the lien was
recorded or the serial number assigned to the lien by the recorder.
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