{"data":{"id":"us-ak/as-45.29.628","jurisdiction":"us-ak","citation":"AS 45.29.628","heading":"Nonliability and limitation on liability of secured party; liability of secondary obligor.","body":"(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person,\n(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and\n(2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.\n(b) A secured party is not liable because of its status as secured party\n(1) to a person who is a debtor or obligor unless the secured party knows\n(A) that the person is a debtor or obligor;\n(B) the identity of the person; and\n(C) how to communicate with the person; or\n(2) to a secured party or lienholder that has filed a financing statement against a person unless the secured party knows\n(A) that the person is a debtor; and\n(B) the identity of the person.\n(c) A secured party is not liable to a person, and a person's liability for a deficiency is not affected, because of an act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer goods transaction or a consumer transaction or that goods are not consumer goods if the secured party's belief is based on its reasonable reliance on\n(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or\n(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.\n(d) A secured party is not liable to a person under AS 45.29.625(c)(2) for its failure to comply with AS 45.29.616.\n(e) A secured party is not liable under AS 45.29.625(c)(2) more than once with respect to any one secured obligation.","path":["Title 45. Trade and Commerce.","Chapter 29. Secured Transactions.","Article 6. Default."],"source_url":"https://www.akleg.gov/basis/statutes.asp#45.29.628","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:19:44Z","sha256":"fa9d934672d67332ad67cd8b77f9bd80dc950e89fa3766795029522ee8564d10","source_id":"us-ak","stale":false,"prev":"us-ak/as-45.29.627","next":"us-ak/as-45.29.702"},"notice":"GroundRules: Original legal text. Not legal advice."}