COLLECTION LAWS – ALASKA (AK)
(1) Pre-Judgment Interest Rate:
Alaska follows the Alaska Statutes § 09.30.070, which sets the pre-judgment interest rate at the prime rate plus 3 percent. This rate is applied to the principal amount from the date the claim arose until the entry of judgment.
(2) Post-Judgment Interest Rate:
According to Alaska Statutes § 09.30.070, the post-judgment interest rate is equal to the prime rate plus 3 percent. This rate is applicable to the outstanding judgment amount from the date of judgment until the debt is fully satisfied.
(3) Statute of Limitations for Written Contract:
In Alaska, the statute of limitations for written contracts is three years. Pursuant to Alaska Statutes § 09.10.053, a legal action must be initiated within three years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
For oral contracts, Alaska’s statute of limitations is also three years. As per Alaska Statutes § 09.10.053, the clock starts ticking from the date the cause of action arises, and legal proceedings must commence within this timeframe.
(5) Statute of Limitations for Open Account:
Alaska sets a three-year statute of limitations for open accounts. The statute can be found in Alaska Statutes § 09.10.053, which establishes that legal action must be initiated within three years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods:
Regarding contracts for the sale of goods, Alaska adheres to the Uniform Commercial Code (UCC). Pursuant to Alaska Statutes § 45.02.725, the statute of limitations for breach of contract claims related to the sale of goods is four years from the date the cause of action arises.
(7) Statute of Limitations for Promissory Note:
For promissory notes, Alaska applies a three-year statute of limitations. According to Alaska Statutes § 09.10.053, legal action must be initiated within three years from the date the cause of action accrues.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
The statute of limitations for the enforcement of a domestic judgment in Alaska is ten years. Alaska Statutes § 09.35.070 states that a judgment is enforceable for a period of ten years from the date it is entered or renewed.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Regarding the enforcement of foreign judgments, Alaska follows the Uniform Enforcement of Foreign Judgments Act (UEFJA). Pursuant to Alaska Statutes § 09.30.230, a foreign judgment may be enforced within ten years from the date of its entry or from the last date of renewal.
(10) Garnishment Exemptions:
In Alaska, certain property is exempt from garnishment, protecting it from collection actions. Exemptions can be found in Alaska Statutes § 09.38.015, and they include, among others, exemptions for a portion of the debtor’s wages, certain public assistance benefits, retirement benefits, and personal property such as household goods and clothing.
Disclaimer: Please note that the presented content is an outline of legal regulations, serving as a general overview rather than an exhaustive representation of comprehensive statutes. It is crucial to recognize that this outline does not constitute “legal advice.” Moreover, it is important to acknowledge that subsequent changes to the listed statutes may occur subsequent to this publication. It is recommended to consult an attorney in the jurisdiction to confirm the information is up-to-date and accurate.