- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 309. Enforcement of Lost, Destroyed, or Stolen Instrument.
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. Proof of Signatures and Status as Holder in Due Course.
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. Effect of Instrument On Obligation For Which Taken.
AS 45.03.309. Enforcement of Lost, Destroyed, or Stolen Instrument.
- (a) A person not in possession of an instrument is entitled to enforce the instrument if
- (1) the person was in possession of the instrument and entitled to enforce it when loss of possession occurred;
- (2) the loss of possession was not the result of a transfer by the person or a lawful seizure; and
- (3) the person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts
cannot be determined, or it is in the wrongful possession of an unknown person or a person who cannot be found or is
not amenable to service of process.
- (b) A person seeking enforcement of an instrument under (a) of this section must prove the terms of the instrument and the
person's right to enforce the instrument. If that proof is made, AS 45.03.308
applies to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment
in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately
protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate
protection may be provided by any reasonable means.
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