- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 610. Disposition of Collateral After Default.
previous: Section 609
. Secured Party's Right to Take Possession After Default.
next: Section 611
. Notification Before Disposition of Collateral.
AS 45.29.610. Disposition of Collateral After Default.
- (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its
present condition or following commercially reasonable preparation or processing.
- (b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be
commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private
proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
- (c) A secured party may purchase collateral
- (1) at a public disposition; or
- (2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the
subject of widely distributed standard price quotations.
- (d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet
enjoyment, and the like that by operation of law accompany a voluntary disposition of property of the kind subject to
- (e) A secured party may disclaim or modify warranties under (d) of this section
- (1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the
kind subject to the contract of disposition; or
- (2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer
or modification of the warranties.
- (f) A record is sufficient to disclaim warranties under (e) of this section if it indicates "There is no warranty relating
to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
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