Kan. Stat. § 84-9-622

Current through 2024 Session Acts Chapter 111 and 2024 Special Session Acts Chapter 4
Section 84-9-622 - 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 article.

K.S.A. 84-9-622

L. 2000, ch. 142, § 120; 7/1/2001.