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Alaska Statutes (Last Updated: January 11, 2017) |
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Title 45. TRADE AND COMMERCE. |
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Chapter 45.29. SECURED TRANSACTIONS. |
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Article 45.29.06. DEFAULT. |
Section 45.29.622. Effect of acceptance of collateral.
Latest version.
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(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.
Authorities
45.29.623