- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 628. Nonliability and Limitation On Liability of Secured Party; Liability of Secondary Obligor.
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. Determination of Whether Conduct Was Commercially Reasonable.
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. Savings Clause.
AS 45.29.628. Nonliability and Limitation On Liability of Secured Party; Liability of Secondary Obligor.
- (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to
communicate with the person,
- (1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing
statement against the person, for failure to comply with this chapter; and
- (2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
- (b) A secured party is not liable because of its status as secured party
- (1) to a person who is a debtor or obligor unless the secured party knows
- (A) that the person is a debtor or obligor;
- (B) the identity of the person; and
- (C) how to communicate with the person; or
- (2) to a secured party or lienholder that has filed a financing statement against a person unless the secured party knows
- (A) that the person is a debtor; and
- (B) the identity of the person.
- (c) A secured party is not liable to a person, and a person's liability for a deficiency is not affected, because of an
act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer goods
transaction or a consumer transaction or that goods are not consumer goods if the secured party's belief is based on
its reasonable reliance on
- (1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
- (2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
- (d) A secured party is not liable to a person under AS 45.29.625
(c)(2) for its failure to comply with AS 45.29.616
- (e) A secured party is not liable under AS 45.29.625
(c)(2) more than once with respect to any one secured obligation.
Article 07. TRANSITIONAL PROVISIONS
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