- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 105. Notice of Adverse Claim.
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AS 45.08.105. Notice of Adverse Claim.
- (a) A person has notice of an adverse claim if
- (1) the person knows of the adverse claim;
- (2) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim
exists and deliberately avoids information that would establish the existence of the adverse claim; or
- (3) the person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the
investigation required would establish the existence of the adverse claim.
- (b) Having knowledge that a financial asset or interest in a financial asset is or has been transferred by a
representative does not impose a duty of inquiry into the rightfulness of a transaction and is not notice of an adverse
claim. However, a person who knows that a representative has transferred a financial asset or interest in a financial
asset in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or
otherwise in breach of duty has notice of an adverse claim.
- (c) An act or event that creates a right to immediate performance of the principal obligation represented by a security
certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or
exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than
- (1) one year after a date set for presentment or surrender for redemption or exchange; or
- (2) six months after a date set for payment of money against presentation or surrender of the certificate, if money was
available for payment on that date.
- (d) A purchaser of a certificated security has notice of an adverse claim if the security certificate
- (1) whether in bearer or registered form, has been endorsed "for collection" or "for surrender" or for some other purpose
not involving transfer; or
- (2) is in bearer form and has on it an unambiguous statement that it is the property of a person other than the
transferor, but the mere writing of a name on the certificate does not constitute this statement.
- (e) Filing of a financing statement under AS 45.29 is not notice of
an adverse claim to a financial asset.
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