- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 618. Rights and Duties of Certain Secondary Obligors.
previous: Section 617
. Rights of Transferee of Collateral.
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. Transfer of Record or Legal Title.
AS 45.29.618. Rights and Duties of Certain Secondary Obligors.
- (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the
- (1) receives an assignment of a secured obligation from the secured party;
- (2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the
secured party; or
- (3) is subrogated to the rights of a secured party with respect to collateral.
- (b) An assignment, transfer, or subrogation described in (a) of this section
- (1) is not a disposition of collateral under AS 45.29.610
- (2) relieves the secured party of further duties under this chapter.
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