- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 619. Transfer of Record or Legal Title.
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. Rights and Duties of Certain Secondary Obligors.
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. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
AS 45.29.619. Transfer of Record or Legal Title.
- (a) In this section, "transfer statement" means a record authenticated by a secured party stating
- (1) that the debtor has defaulted in connection with an obligation secured by specified collateral;
- (2) that the secured party has exercised its post-default remedies with respect to the collateral;
- (3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
- (4) the name and mailing address of the secured party, debtor, and transferee.
- (b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral
specified in the statement in an official filing, recording, registration, or certificate-of-title system covering the
collateral. If a transfer statement is presented with the applicable fee and request form to the official or office
responsible for maintaining the system, the official or office shall
- (1) accept the transfer statement;
- (2) promptly amend its records to reflect the transfer; and
- (3) if applicable, issue a new appropriate certificate of title in the name of the transferee.
- (c) A transfer of the record or legal title to collateral to a secured party under (b) of this section or otherwise is not
of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties
under this chapter.
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