- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 2. Sales
- Section 107. Goods to Be Severed From Realty; Recording.
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. Definitions: "Contract"; "Agreement"; "Contract For Sale"; "sale"; "Present Sale"; "Conforming" to Contract; "Termination"; "Cancellation.".
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. Formal Requirements; Statute of Frauds.
AS 45.02.107. Goods to Be Severed From Realty; Recording.
- (a) A contract for the sale of minerals or the like, including oil and gas, or a structure or its materials to be removed
from realty is a contract for the sale of goods within this chapter if they are to be severed by the seller, but until
severance a purported present sale that is not effective as a transfer of an interest in land is effective only as a
contract to sell.
- (b) A contract for the sale apart from the land of growing crops or other things attached to a realty and capable of
severance without material harm to them but not described in (a) of this section or of timber to be cut is a contract
for the sale of goods within this chapter, whether the subject matter is to be severed by the buyer or by the seller
even though it forms part of the realty at the time of contracting, and the parties can by identification effect a
present sale before severance.
- (c) This section is subject to third party rights provided by the law relating to realty records. The contract for sale
may be executed and recorded as a document transferring an interest in land. It then constitutes notice to third
parties of the buyer's rights under the contract for sale.
Article 02. FORM, FORMATION, AND READJUSTMENT OF CONTRACT
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