RS 10:9-622
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/la/title-10/10-395A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
RS 10:9-622
§9-622. Effect of acceptance of collateral
(a)Effect of acceptance. 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 subordinate lien; and
(4)terminates any other subordinate interest.
(b)Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under Subsection (a), even if the secured party fails to comply with this Chapter.
Acts 2001, No. 128, §1, eff. July 1, 2001.