Alaska Statutes 45.02.107 – Goods to be severed from realty; recording

(a) A contract for the sale of minerals or the like, including oil and gas, or a structure or its materials to be removed from realty is a contract for the sale of goods within this chapter if they are to be severed by the seller, but until severance a purported present sale that is not effective as a transfer of an interest in land is effective only as a contract to sell.

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Terms Used In Alaska Statutes 45.02.107

buyer: means a person who buys or contracts to buy goods. See Alaska Statutes 45.02.103
Contract: A legal written agreement that becomes binding when signed.
Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Alaska Statutes 45.02.106
present sale: means a sale that is accomplished by the making of the contract. See Alaska Statutes 45.02.106
seller: means a person who sells or contracts to sell goods. See Alaska Statutes 45.02.103

(b) A contract for the sale apart from the land of growing crops or other things attached to realty and capable of severance without material harm to them but not described in (a) of this section or of timber to be cut is a contract for the sale of goods within this chapter, whether the subject matter is to be severed by the buyer or by the seller even though it forms part of the realty at the time of contracting, and the parties can by identification effect a present sale before severance.

(c) This section is subject to third party rights provided by the law relating to realty records. The contract for sale may be executed and recorded as a document transferring an interest in land. It then constitutes notice to third parties of the buyer’s rights under the contract for sale.

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