Alaska State Bank v. General Insurance Co. of America

OPINION

Before BOOCHEVER, C. J., and RABI-NOWITZ, CONNOR, ERWIN and BURKE, JJ. BURKE, Justice.

The dispute in this case centers on whether a bonding company’s interest in earned progress payments qualifies as a security interest subject to the filing and priority provisions of the Alaska Uniform Commercial Code.1

The events leading to this controversy began when Gilman’s Construction, Inc., formerly Gilman’s Excavating, Inc., contracted with the State of Alaska to construct Project No. F-046-l(16) and LSF-046-1(4), commonly known as the Tok Cutoff Project. The contract was executed on September…