- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 29. Secured Transactions
- Section 622. Effect of Acceptance of Collateral.
previous: Section 621
. Notification of Proposal to Accept Collateral.
next: Section 623
. Right to Redeem Collateral.
AS 45.29.622. Effect of Acceptance of Collateral.
- (a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures
- (1) discharges the obligation to the extent consented to by the debtor;
- (2) transfers to the secured party all of a debtor's rights in the collateral;
- (3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate
security interest or other subordinate lien; and
- (4) terminates any other subordinate interest.
- (b) A subordinate interest is discharged or terminated under (a) of this section, even if the secured party fails to
comply with this chapter.
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