Alaska Statutes > Title 45 > Chapter 45.14 > § 45.14.406 - Payment by originator to beneficiary; discharge of underlying obligation
Current as of: 2010
(a) After a default, by a lessee under the lease contract, of the type described in Alaska Stat. § 45.12.523 (a) or (c)(1) or after the lessor refuses to deliver or takes possession of goods under Alaska Stat. § 45.12.525 or 45.12.526, or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance of them by lease, sale, or otherwise.
(b) Except as otherwise provided with respect to damages liquidated in the lease agreement under Alaska Stat. § 45.12.504 or otherwise determined under agreement of the parties under Alaska Stat. § 45.01.302 and AS 45.12.503, if the disposition is by lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessor may recover from the lessee as damages
(1) accrued and unpaid rent as of the date of the commencement of the term of the new lease agreement;
(2) the present value, as of the same date, of the total rent for the then remaining lease term of the original lease agreement minus the present value, as of the same date, of the rent under the new lease agreement applicable to that period of the new lease term that is comparable to the then remaining term of the original lease agreement; and
(3) incidental damages allowed under Alaska Stat. § 45.12.530 , less expenses saved in consequence of the lessee's default.
(c) If the lessor's disposition is by lease agreement that for any reason does not qualify for treatment under (b) of this section, or is by sale or otherwise, the lessor may recover from the lessee as if the lessor had elected not to dispose of the goods and Alaska Stat. § 45.12.528 governs.
(d) A subsequent buyer or lessee who buys or leases from the lessor in good faith for value as a result of a disposition under this section takes the goods free of the original lease contract and any rights of the original lessee even though the lessor fails to comply with one or more of the requirements of this chapter.
(e) The lessor is not accountable to the lessee for profit made on a disposition. A lessee who has rightfully rejected or justifiably revoked acceptance shall account to the lessor for any excess over the amount of the lessee's security interest under Alaska Stat. § 45.12.508 (e).