(a) A retail installment contract must be contained in a single document. The document must contain the entire agreement of the parties including promissory notes and other evidences of indebtedness between the parties relating to the transaction, except as provided in Alaska Stat. § 45.10.040, 45.10.050, and 45.10.100.

Terms Used In Alaska Statutes 45.10.010

  • buyer: means a person who buys or agrees to buy goods or obtain services or agrees to have services rendered or furnished from a retail seller. See Alaska Statutes 45.10.220
  • contract: means a contract, other than a retail charge agreement or an instrument reflecting a sale price made under a retail charge agreement, entered into or performed in the state for a retail installment transaction. See Alaska Statutes 45.10.220
  • Contract: A legal written agreement that becomes binding when signed.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • time balance: means the principal balance plus the service charge. See Alaska Statutes 45.10.220
(b) If the buyer‘s obligation to pay the time balance is represented by a promissory note secured by a chattel mortgage, a provision of the mortgage by which the buyer undertakes to do something besides pay a sum certain in money is considered to be contained in a separate document for the purpose of determining the negotiability of the note unless the provision is expressly incorporated in the note by reference to the provision of the mortgage.
(c) The contract must be dated, signed by the retail buyer, and completed as to all essential provisions, except as otherwise provided in Alaska Stat. § 45.10.050 and 45.10.060.
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