- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 12. Leases
- Section 506. Statute of Limitations.
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AS 45.12.506. Statute of Limitations.
- (a) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four
years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation
to not less than one year.
- (b) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is
or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of
action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been
discovered by the indemnified party, whichever is later.
- (c) If an action commenced within the time limited by (a) of this section is so terminated as to leave available a remedy
by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the
expiration of the time limited and within six months after the termination of the first action unless the termination
resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.
- (d) This section does not alter the law on tolling of the statute of limitations.
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