Section 554.9622 - Effect of acceptance of collateral1.Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: a. discharges the obligation to the extent consented to by the debtor;b. transfers to the secured party all of a debtor's rights in the collateral;c. 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; andd. terminates any other subordinate interest.2.Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection 1, even if the secured party fails to comply with this Article.2000 Acts, ch 1149, §120, 187Referred to in §554.9102, 554.9602, 554.9623