Alaska Statutes 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 Alaska Stat. § 45.29.601 – 45.29.628 and, except as otherwise provided in Alaska Stat. § 45.29.602, those provided by agreement of the parties. A secured party
Terms Used In Alaska Statutes 45.29.601
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
Lien: A claim against real or personal property in satisfaction of a debt.
Statute: A law passed by a legislature.
(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 Alaska Stat. § 45.07.116, Alaska Stat. § 45.29.104, 45.29.105, 45.29.106, or 45.29.107 has the rights and duties provided in Alaska Stat. § 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 Alaska Stat. § 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 Alaska Stat. § 45.29.607(c), Alaska Stat. § 45.29.601–45.29.628 impose no duties on a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
