- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 320. Buyer of Goods.
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AS 45.29.320. Buyer of Goods.
- (a) Except as otherwise provided in (e) of this section, a buyer in ordinary course of business, other than a person
buying farm products from a person engaged in farming operations, takes free of a security interest created by the
buyer's seller, even if the security interest is perfected and the buyer knows of its existence.
- (b) Except as otherwise provided in (e) of this section, a buyer of goods from a person who used or bought the goods for
use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the
- (1) without knowledge of the security interest;
- (2) for value;
- (3) primarily for the buyer's personal, family, or household purposes; and
- (4) before the filing of a financing statement covering the goods.
- (c) To the extent that it affects the priority of a security interest over a buyer of goods under (b) of this section, the
period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by AS 45.29.316
(a) and (b).
- (d) A buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after
extraction takes free of an interest arising out of an encumbrance.
- (e) The provisions of (a) and (b) of this section do not affect a security interest in goods in the possession of the
secured party under AS 45.29.313
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