- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 338. Priority of Security Interest or Agricultural Lien Perfected By Filed Financing Statement Providing Certain Incorrect Information.
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. Priority of Security Interests in Goods Covered By Certificate of Title.
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. Priority Subject to Subordination.
AS 45.29.338. Priority of Security Interest or Agricultural Lien Perfected By Filed Financing Statement Providing Certain Incorrect Information.
If a security interest or agricultural lien is perfected by a filed financing statement providing information described
in AS 45.29.516(b)(5) that is incorrect at the time
the financing statement is filed,
- (1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the
collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon
the incorrect information; and
- (2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to
the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of
chattel paper, documents, goods, instruments, or a security certificate, receives delivery of the collateral.
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