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2019 Alaska Statutes
Title 45. Trade and Commerce
Chapter 29. Secured Transactions
Article 6. Default.
Sec. 45.29.622. Effect of acceptance of collateral.
Universal Citation: AK Stat § 45.29.622 (2019)
(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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