§ 9-622. 9-622
110 words·~1 min read·
/us/ucc/a9/s9-622·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 other 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 article.