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MOENING v. ALASKA MUT. BANK

No. S-1980.

751 P.2d 5 (1988)

Harold J. MOENING and Colleen M. Moening, Appellants, v. ALASKA MUTUAL BANK, Appellee.

Supreme Court of Alaska.

February 26, 1988.

Attorney(s) appearing for the Case

Francis J. Nosek, Jr. and Kelly Fisher, Anchorage, for appellants.

Gordon F. Schadt and Milford H. Knutson, Anchorage, for appellee.

Before MATTHEWS, C.J., and RABINOWITZ, COMPTON and MOORE, JJ.

OPINION

COMPTON, Justice.

This appeal presents three questions. The first question is whether a secured creditor initially may ignore the security and sue for a personal judgment on the underlying debt, absent an agreement to the contrary. The second is whether the creditor agreed to limit its remedy to foreclosure of the security. The third is whether the suit on the debt extinguishes the security as a matter of law.

I. FACTUAL AND PROCEDURAL BACKGROUND...

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