Alaska § 45.29.407 - Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
Full text of Alaska Alaska Statutes § 45.29.407 — Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest., with citation guidance and answers to common questions.
§ 45.29.407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
(a) Except as otherwise provided in (b) of this section, a term in a lease agreement is ineffective to the extent that it (1) prohibits, restricts, or requires the consent of a party to the lease to the assignment, transfer, creation, attachment, perfection, or enforcement of a security interest in an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
(2) provides that the assignment, transfer, creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b) Except as otherwise provided in AS 45.12.303 (g), a term described in (a)(2) of this section is effective to the extent that there is (1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
(2) a delegation of a material performance of either party to the lease contract in violation of the term.
(c) The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of AS 45.12.303 (d) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 45.29.407
What does Alaska Statutes § 45.29.407 cover?
Section 45.29.407 ("Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 45.29.407?
A common citation format is "Alaska Statutes § 45.29.407" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 45.29.407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.