Alaska Statutes
Alaska Stat. § 45.45.040 (2026)
Usurious rate as working forfeiture of entire interest
✓ current as of July 2026
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Sec. 45.45.040. Usurious rate as working forfeiture of entire interest.
If, in an action brought on a contract, the court determines that a rate of interest has been contracted for greater than is authorized by AS 45.45.010 — 45.45.070, either directly or indirectly, in money, property, or other valuable thing, or that a gift or donation of money, property, or other valuable thing has been made or promised to be made to a lender or creditor, or to a person for the lender or creditor, directly or indirectly, by the borrower or debtor, or a person for the borrower or debtor, the design of which is to obtain for money so loaned, or for debts due or to become due, a rate of interest greater than that specified by AS 45.45.010 — 45.45.070, the rate of interest is usurious and works a forfeiture of the entire interest on the debt. The court shall give judgment for the amount due, without interest, on the sum loaned or the debt contracted, against the defendant and in favor of the plaintiff and against the plaintiff for costs of action, whether the action is contested or not.
If, in an action brought on a contract, the court determines that a rate of interest has been contracted for greater than is authorized by AS 45.45.010 — 45.45.070, either directly or indirectly, in money, property, or other valuable thing, or that a gift or donation of money, property, or other valuable thing has been made or promised to be made to a lender or creditor, or to a person for the lender or creditor, directly or indirectly, by the borrower or debtor, or a person for the borrower or debtor, the design of which is to obtain for money so loaned, or for debts due or to become due, a rate of interest greater than that specified by AS 45.45.010 — 45.45.070, the rate of interest is usurious and works a forfeiture of the entire interest on the debt. The court shall give judgment for the amount due, without interest, on the sum loaned or the debt contracted, against the defendant and in favor of the plaintiff and against the plaintiff for costs of action, whether the action is contested or not.
Notes of Decisions
Cited in 6
cases, 1971–2018 · leading case: Bibi v. Elfrink, 408 P.3d 809 (Alaska 2017).
Bibi v. Elfrink, 408 P.3d 809 (Alaska 2017). “The second, under AS 45.45.040, is typically brought by a creditor to recover the balance on a contract that a court finds to be usurious.”
McGalliard v. Liberty Leasing Co. of Alaska, Inc., 534 P.2d 528 (Alaska 1975). “AS 45.45.040 contains no such limitation.”
Metcalf v. Bartrand, 491 P.2d 747 (Alaska 1971). “USURY The Alaska usury statute, AS 45.45.040, reads as follows: If in art action brought on a contract, the court determines that a rate of interest has been contracted for greater than is authorized by §§ 10-70 of this chapter, either directly or indirectly, in money, property,…”
Fikes v. First Fed. Sav. & Loan Ass'n of Anchorage, 533 P.2d 251 (Alaska 1975). “22 Under AS 45.45.040, [i]f . . . the court determines that a rate of interest has been contracted for greater than is authorized by AS 45.”
Cox v. Est. of Steve Cooper, 426 P.3d 1032 (Alaska 2018). “010 and seeking forfeiture of the remaining interest owed pursuant to AS 45.45.040. 2 The next day Cox recorded a notice of lis pendens, and the trustee postponed the sale.”
Moran v. Kenai Towing & Salvage, Inc., 523 P.2d 1237 (Alaska 1974). “AS 45.45.040; Metcalf v. Bartrand, supra, 419 P.”
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