(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.
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.