- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
previous: Section 530
. Accounting; Appropriations.
next: Section 602
. Waiver and Variance of Rights and Duties.
AS 45.29.601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
- (a) After default, a secured party has the rights provided in AS 45.29.601 - 45.29.628 and, except as otherwise provided in AS 45.29.602, those provided by agreement of the parties. A
- (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by
available judicial procedures; and
- (2) if the collateral is documents, may proceed either as to the documents or as to the goods the documents cover.
- (b) A secured party in possession of collateral or control of collateral under AS 45.29.104
, 45.29.105, 45.29.106, or 45.29.107 has the rights and duties provided in AS 45.29.207
- (c) The rights under (a) and (b) of this section are cumulative and may be exercised simultaneously.
- (d) Except as otherwise provided in (g) of this section and AS 45.29.605, after default, a debtor and an obligor have
the rights provided in this part and by agreement of the parties.
- (e) If a secured party has reduced its claim to judgment, the lien of a levy that may be made upon the collateral by
virtue of an execution based on the judgment relates back to the earliest of the date
- (1) of perfection of the security interest or agricultural lien in the collateral;
- (2) of filing a financing statement covering the collateral; or
- (3) specified in a statute under which the agricultural lien was created.
- (f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure
within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of
any other requirements of this chapter.
- (g) Except as otherwise provided in AS 45.29.607
(c), 45.29.601 - 45.29.628 imposes no duties on a secured party that is a
consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
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