(a) If a lessor fails to deliver the goods in conformity with the lease contract (Alaska Stat. § 45.12.509) or repudiates the lease contract (Alaska Stat. § 45.12.402), or a lessee rightfully rejects the goods (Alaska Stat. § 45.12.509) or justifiably revokes acceptance of the goods under Alaska Stat. § 45.12.517, then with respect to the goods involved, and with respect to all of the goods if under an installment lease contract, the value of the whole lease contract is substantially impaired (Alaska Stat. § 45.12.510), the lessor is in default under the lease contract and the lessee may

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Terms Used In Alaska Statutes 45.12.508

  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • goods: means all things that are movable at the time of identification to the lease contract, or are fixtures under Alaska Stat. See Alaska Statutes 45.12.103
  • installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains the clause "each delivery is a separate lease" or its equivalent. See Alaska Statutes 45.12.103
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Alaska Statutes 45.12.103
  • lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and other applicable rules of law. See Alaska Statutes 45.12.103
  • lessee: means a person who acquires the right to possession and use of goods under a lease. See Alaska Statutes 45.12.103
  • lessor: means a person who transfers the right to possession and use of goods under a lease. See Alaska Statutes 45.12.103
(1) cancel the lease contract under Alaska Stat. § 45.12.505(a);
(2) recover as much of the rent and security as has been paid and as is just under the circumstances;
(3) cover and recover damages under Alaska Stat. § 45.12.518 and 45.12.520 as to all goods affected whether or not they have been identified to the lease contract, or recover damages for nondelivery under Alaska Stat. § 45.12.519 and 45.12.520;
(4) exercise other rights or pursue other remedies provided in the lease contract.
(b) If a lessor fails to deliver the goods in conformity to the lease contract or repudiates the lease contract, the lessee may also

(1) if the goods have been identified, recover them under Alaska Stat. § 45.12.522; or
(2) in a proper case, obtain specific performance or replevy the goods under Alaska Stat. § 45.12.521.
(c) If a lessor is otherwise in default under a lease contract, the lessee may exercise the rights and pursue the remedies provided in the lease contract, which may include a right to cancel the lease, and Alaska Stat. § 45.12.519(c).
(d) If a lessor has breached a warranty, whether express or implied, the lessee may recover damages under Alaska Stat. § 45.12.519(d).
(e) On rightful rejection or justifiable revocation of acceptance, a lessee has a security interest in goods in the lessee’s possession or control for any rent and security that has been paid and any expenses reasonably incurred in their inspection, receipt, transportation, and care and custody, and may hold those goods and dispose of them in good faith and in a commercially reasonable manner, subject to Alaska Stat. § 45.12.527(e).
(f) Subject to Alaska Stat. § 45.12.407, a lessee, on notifying the lessor of the lessee’s intention to do so, may deduct all or part of the damages resulting from a default under the lease contract from a part of the rent still due under the same lease contract.
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