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AS 45.29.333

Priority of certain liens arising by operation of law

Known as the Uniform Commercial Code

The act spans §§ 45–45 (615 sections).

(a) In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien, (1) that secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;

(2) that is created by statute or rule of law in favor of the person; and

(3) whose effectiveness depends on the person's possession of the goods.

(b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.

Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.