(a) Except as otherwise provided in (g) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if
Terms Used In Alaska Statutes 45.29.620
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(1) the debtor consents to the acceptance under (c) of this section;(2) the secured party does not receive, within the time set out in (d) of this section, a notification of objection to the proposal authenticated by
(A) a person to which the secured party was required to send a proposal under Alaska Stat. § 45.29.621; or(B) any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal;(3) if the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and(4) the provisions of (e) of this section do not require the secured party to dispose of the collateral or the debtor waives the requirement under Alaska Stat. § 45.29.624.(b) A purported or apparent acceptance of collateral under this section is ineffective unless
(1) the secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and(2) the conditions of (a) of this section are met.(c) For purposes of this section, a debtor consents to an acceptance of collateral
(1) in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and(2) in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party
(A) sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;(B) in the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and(C) does not receive a notification of objection authenticated by the debtor within 20 days after the proposal is sent.(d) To be effective under (a)(2) of this section, a notification of objection must be received by the secured party
(1) in the case of a person to which the proposal was sent under Alaska Stat. § 45.29.621, within 20 days after notification was sent to that person; and(2) in other cases,
(A) within 20 days after the last notification was sent under Alaska Stat. § 45.29.621; or(B) if a notification was not sent, before the debtor consents to the acceptance under (c) of this section.(e) A secured party that has taken possession of collateral shall dispose of the collateral under Alaska Stat. § 45.29.610 within the time specified in (f) of this section if
(1) 60 percent of the cash price has been paid in the case of a purchase money security interest in consumer goods; or(2) 60 percent of the principal amount of the obligation secured has been paid in the case of a nonpurchase money security interest in consumer goods.(f) To comply with (e) of this section, the secured party shall dispose of the collateral within
(1) 90 days after taking possession; or(2) any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and authenticated after default.(g) In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.
