Alaska Statutes 45.12.525 – Lessor’s right to possession of goods

(a) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.

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Terms Used In Alaska Statutes 45.12.525

action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
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
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

(b) After a 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 has the right to take possession of the goods. If the lease contract provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor that is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee’s premises under Alaska Stat. § 45.12.527.

(c) The lessor may proceed under (b) of this section without judicial process if it can be done without breach of the peace, or the lessor may proceed by action.

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