- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 12. Leases
- Section 501. Default: Procedure.
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. Irrevocable Promises: Finance Leases.
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. Notice After Default.
AS 45.12.501. Default: Procedure.
- (a) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this
- (b) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and
remedies as provided in this chapter and, except as limited by this chapter, as provided in the lease agreement.
- (c) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the
party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or
nonjudicial procedure, including administrative proceeding, arbitration, or the like, under this chapter.
- (d) Except as otherwise provided in AS 45.01.106
(a) or this chapter or the lease agreement, the rights and remedies referred to in (b) and (c) of this section are
- (e) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under AS 45.12.501
- 45.12.532 as to the goods, or under other
applicable law as to both the real property and the goods in accordance with that party's rights and remedies in
respect of the real property, in which case AS 45.12.501
- 45.12.532 do not apply.
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