Alaska § 45.29.628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.
Full text of Alaska Alaska Statutes § 45.29.628 — Nonliability and limitation on liability of secured party; liability of secondary obligor., with citation guidance and answers to common questions.
§ 45.29.628. Nonliability and limitation on liability of secured party; liability of secondary obligor.
(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, (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
(2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(b) A secured party is not liable because of its status as secured party (1) to a person who is a debtor or obligor unless the secured party knows (A) that the person is a debtor or obligor;
(B) the identity of the person; and
(C) how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against a person unless the secured party knows (A) that the person is a debtor; and
(B) the identity of the person.
(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 (1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(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 .
(e) A secured party is not liable under AS 45.29.625 (c)(2) more than once with respect to any one secured obligation.
Article 7. Transitional Provisions.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 45.29.628
What does Alaska Statutes § 45.29.628 cover?
Section 45.29.628 ("Nonliability and limitation on liability of secured party; liability of secondary obligor.") 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 § 45.29.628?
A common citation format is "Alaska Statutes § 45.29.628" (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 § 45.29.628 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.