(a) The exclusive right to the use of a name may be reserved by
(1) a person intending to organize a limited partnership under this chapter and to adopt that name;
(2) a domestic limited partnership or a foreign limited partnership registered in this state that, in either case, intends to adopt that name;
(3) a foreign limited partnership intending to register in this state and adopt that name; or
(4) a person intending to organize a foreign limited partnership and intending to have it register in this state and adopt that name.
(b) The reservation shall be made by filing with the department an application, executed by the applicant, to reserve a specified name. If the department finds that the name is available for use by a domestic or foreign limited partnership under AS 32.11.810, the department shall reserve the name for the exclusive use of the applicant for a period of 120 days. Once having reserved a name, the same applicant may not again reserve the same name until more than 60 days after the expiration of the last 120-day period for which that applicant reserved that name. The right to the exclusive use of a reserved name may be transferred to another person by filing with the department a notice of the transfer executed by the applicant for whom the name was reserved and specifying the name and address of the transferee.