- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 2. Sales
- Section 702. Seller's Remedies On Discovery of Buyer's Insolvency.
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. Remedies For Breach of Collateral Contracts Not Impaired.
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. Seller's Remedies in General.
AS 45.02.702. Seller's Remedies On Discovery of Buyer's Insolvency.
- (a) If the seller discovers the buyer is insolvent, the seller may refuse delivery except for cash including payment for
all goods previously delivered under the contract, and stop delivery under AS 45.02.705.
- (b) If the seller discovers that the buyer has received goods on credit while insolvent, the seller may reclaim the goods
upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular
seller in writing within three months before delivery the 10-day limitation does not apply. Except as provided in this
subsection the seller may not base a right to reclaim goods on the buyer's fraudulent or innocent misrepresentation of
solvency or of intent to pay.
- (c) The seller's right to reclaim under (b) of this section is subject to the rights of a buyer in ordinary course or
other good faith purchaser or lien creditor under AS 45.02.403
. Successful reclamation of goods excludes all other remedies with respect to them.
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