Section 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 AS 45.29.601 - 45.29.628 and, except as otherwise provided in AS 45.29.602, those provided by agreement of the parties. A secured party
        (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 AS 45.07.116, AS 45.29.104, 45.29.105, 45.29.106, or 45.29.107 has the rights and duties provided in AS 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 AS 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 AS 45.29.607(c), 45.29.601 - 45.29.628 imposes no duties on a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.

Authorities

45.29.335;45.29.601;45.29.604;45.29.606;45.29.615;45.29.625;45.29.626

Notes

References

AS 45.29.335 Accessions.
AS 45.29.601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
AS 45.29.604 Procedure if security agreement covers real property or fixtures.
AS 45.29.606 Time of default for agricultural lien.
AS 45.29.615 Application of proceeds of disposition; liability for deficiency and right to surplus.
AS 45.29.625 Remedies for secured party's failure to comply with chapter.
AS 45.29.626 Action in which deficiency or surplus is in issue.

History

(Sec. 1 ch 113 SLA 2000; am Sec. 110 ch 44 SLA 2009)