Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
(a) After default, a secured party has the rights provided in AS 45.29.601 — 45.29.628 and, except as otherwise provided in AS 45.29.602, those provided by agreement of the parties. A secured party
- (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by available judicial procedures; and
- (2) if the collateral is documents, may proceed either as to the documents or as to the goods the documents cover.
- (b) A secured party in possession of collateral or control of collateral under AS 45.07.116, AS 45.29.104, 45.29.105, 45.29.106, or 45.29.107 has the rights and duties provided in AS 45.29.207.
- (c) The rights under (a) and (b) of this section are cumulative and may be exercised simultaneously.
- (d) Except as otherwise provided in (g) of this section and AS 45.29.605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e) If a secured party has reduced its claim to judgment, the lien of a levy that may be made upon the collateral by virtue of an execution based on the judgment relates back to the earliest of the date
- (1) of perfection of the security interest or agricultural lien in the collateral;
- (2) of filing a financing statement covering the collateral; or
- (3) specified in a statute under which the agricultural lien was created.
- (f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
- (g) Except as otherwise provided in AS 45.29.607(c), AS 45.29.601 — 45.29.628 impose no duties on a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.