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2019 Alaska Statutes
Title 45. Trade and Commerce
Chapter 29. Secured Transactions
Article 6. Default.
Sec. 45.29.618. Rights and duties of certain secondary obligors.
Universal Citation: AK Stat § 45.29.618 (2019)
(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor
(1) receives an assignment of a secured obligation from the secured party;
(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer, or subrogation described in (a) of this section
(1) is not a disposition of collateral under AS 45.29.610; and
(2) relieves the secured party of further duties under this chapter.
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