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ALASKA STATE BANK v. GEN. INS. CO.

Nos. 2638, 2713.

579 P.2d 1362 (1978)

ALASKA STATE BANK, Appellant, v. GENERAL INSURANCE CO. OF AMERICA, Appellees. GENERAL INSURANCE CO. OF AMERICA, Cross-Appellant, v. ALASKA STATE BANK, Cross-Appellee.

Supreme Court of Alaska.

As Amended on Grant of Rehearing June 16, 1978.

Attorney(s) appearing for the Case

Herbert Berkowitz, Ely, Guess & Rudd, Anchorage, for appellant-cross-appellee.

John Anthony Smith, Anchorage, for appellee-cross-appellant.

Before BOOCHEVER, C.J., and RABINOWITZ, CONNOR, ERWIN and BURKE, JJ.

OPINION

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...

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