Alaska § 45.50.541 - Nonnegotiability of consumer paper.
Full text of Alaska Alaska Statutes § 45.50.541 — Nonnegotiability of consumer paper., with citation guidance and answers to common questions.
§ 45.50.541. Nonnegotiability of consumer paper.
(a) If a contract for sale or lease of consumer goods or services on credit entered into between a retail seller and a retail buyer requires or involves the execution of a promissory note or instrument or other evidence of indebtedness of the buyer, the note, instrument, or evidence of indebtedness shall have printed on its face the words “consumer paper,” and the note, instrument, or evidence of indebtedness with the words “consumer paper” printed on it is not a negotiable instrument, within the meaning of AS 45.01 — AS 45.08 , AS 45.12 , AS 45.14 , and AS 45.29 (Uniform Commercial Code).
(b) Notwithstanding the absence of such a notice on a note, instrument, or evidence of indebtedness arising out of a consumer credit sale or consumer lease as described in this section, an assignee of the rights of the seller or lessor is subject to all claims and defenses of the buyer or lessee against the seller or lessor arising out of the sale or lease. An agreement to the contrary has no effect in limiting the rights of a consumer.
(c) The assignee's liability under this section may not exceed the amount owing to the assignee at the time the claim or defense is asserted against the assignee.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 45.50.541
What does Alaska Statutes § 45.50.541 cover?
Section 45.50.541 ("Nonnegotiability of consumer paper.") 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 § 45.50.541?
A common citation format is "Alaska Statutes § 45.50.541" (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 § 45.50.541 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.