SECTION 679.622. Effect of acceptance of collateral.

Latest version.

1(1) 2A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
18(a) 19Discharges the obligation to the extent consented to by the debtor;
30(b) 31Transfers to the secured party all of a debtor’s rights in the collateral;
44(c) 45Discharges 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
70(d) 71Terminates any other subordinate interest.
76(2) 77A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this chapter.

History.-s. 7, ch. 2001-198.

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Cited by Court Cases:

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