Section 45.29.622 - Effect of acceptance of collateral(a) 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) A subordinate interest is discharged or terminated under (a) of this section, even if the secured party fails to comply with this chapter.