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Alaska Statutes Title 45. Trade and Commerce § 45.29.628. Nonliability and limitation on liability of secured party; liability of secondary obligor

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Alaska Statutes Title 45. Trade and Commerce § 45.29.628. Nonliability and limitation on liability of secured party; liability of secondary obligor - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-45-trade-and-commerce/ak-st-sect-45-29-628/

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