- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 621. Notification of Proposal to Accept Collateral.
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. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
next: Section 622
. Effect of Acceptance of Collateral.
AS 45.29.621. Notification of Proposal to Accept Collateral.
- (a) A secured party who desires to accept collateral in full or partial satisfaction of the obligation it secures shall
send its proposal to
- (1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated
notification of a claim of an interest in the collateral;
- (2) any other secured party or lienholder who, 10 days before the debtor consented to the acceptance, held a security
interest in or other lien on the collateral perfected by the filing of a financing statement that
- (A) identified the collateral;
- (B) was indexed under the debtor's name as of that date; and
- (C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral
as of that date; and
- (3) any other secured party who, 10 days before the debtor consented to the acceptance, held a security interest in the
collateral perfected by compliance with a statute, regulation, or treaty described in AS 45.29.311(a).
- (b) A secured party who desires to accept collateral in partial satisfaction of the obligation it secures shall send its
proposal to any secondary obligor in addition to the persons described in (a) of this section.
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