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Code · Alaska · Title 45 · Chapter 29

Sec. 45.29.622. Effect of acceptance of collateral.

106 words·~1 min read·/ak/title-45/chapter-29/45-29-622

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Sec. 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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