Alaska Statutes 45.02.502 – Buyer’s right to goods on seller’s repudiation, failure to deliver, or insolvency

(a) Subject to (b) and (c) of this section and even though the goods have not been shipped, a buyer who has paid a part or all of the price of goods in which the buyer has a special property under the provisions of Alaska Stat. § 45.02.501 may, on making and keeping good a tender of an unpaid portion of their price, recover them from the seller if

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Terms Used In Alaska Statutes 45.02.502

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
property: includes real and personal property. See Alaska Statutes 01.10.060
seller: means a person who sells or contracts to sell goods. See Alaska Statutes 45.02.103

(1) in the case of goods bought for personal, family, or household purposes, the seller repudiates or fails to deliver as required by the contract; or

(2) in all cases, the seller becomes insolvent within 10 days after receipt of the first installment on their price.

(b) The buyer’s right to recover the goods under (a)(1) of this section vests upon acquisition of a special property even if the seller had not then repudiated or failed to deliver.

(c) If the identification creating the buyer’s special property has been made by the buyer, the buyer acquires the right to recover the goods only if they conform to the contract for sale.

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