Alaska Statebank v. Fairco

OPINION

RABINOWITZ, Justice.

In this case Fairco, the debtor, filed suit against Alaska Statebank (Statebank), the secured creditor, for damages allegedly sustained when Statebank proceeded against the collateral which secured Fairco’s delinquent obligation to the bank. Fairco claimed that the course of negotiations between the parties had altered Statebank’s rights under Alaska’s version of the Uniform Commercial Code (UCC) and the written security agreement, precluding the bank from proceeding against the collateral without giving prior notice to Fairco. Sta-tebank disputed Fairco’s…