Section 6A-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 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 chapter.R.I. Gen. Laws § 6A-9-622
P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.