(a) After default, by the lessee under the lease contract, of the type described in Alaska Stat. § 45.12.523(a) or (c)(1) or, if agreed, after other default by the lessee, the lessor may

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Terms Used In Alaska Statutes 45.12.524

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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
  • supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Alaska Statutes 45.12.103
(1) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor’s or the supplier‘s possession or control; and
(2) dispose of goods under Alaska Stat. § 45.12.527(a) that demonstrably have been intended for the particular lease contract even though those goods are unfinished.
(b) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value or proceed in another reasonable manner.
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