(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.
Structure Alaska Statutes
Chapter 29. Secured Transactions
Sec. 45.29.602. Waiver and variance of rights and duties.
Sec. 45.29.603. Agreement on standards concerning rights and duties.
Sec. 45.29.604. Procedure if security agreement covers real property or fixtures.
Sec. 45.29.605. Unknown debtor or secondary obligor.
Sec. 45.29.606. Time of default for agricultural lien.
Sec. 45.29.607. Collection and enforcement by secured party.
Sec. 45.29.609. Secured party's right to take possession after default.
Sec. 45.29.610. Disposition of collateral after default.
Sec. 45.29.611. Notification before disposition of collateral.
Sec. 45.29.612. Timeliness of notification before disposition of collateral.
Sec. 45.29.613. General notification before disposition of collateral.
Sec. 45.29.614. Notification before disposition of collateral in consumer goods transaction.
Sec. 45.29.616. Explanation of calculation of surplus or deficiency.
Sec. 45.29.617. Rights of transferee of collateral.
Sec. 45.29.618. Rights and duties of certain secondary obligors.
Sec. 45.29.619. Transfer of record or legal title.
Sec. 45.29.621. Notification of proposal to accept collateral.
Sec. 45.29.622. Effect of acceptance of collateral.
Sec. 45.29.623. Right to redeem collateral.
Sec. 45.29.625. Remedies for secured party's failure to comply with chapter.
Sec. 45.29.626. Action in which deficiency or surplus is in issue.
Sec. 45.29.627. Determination of whether conduct was commercially reasonable.