Section 9-1622 - Effect of acceptance of collateral(1). 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; [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](b). Transfers to the secured party all of a debtor's rights in the collateral; [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](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; and [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](d). Terminates any other subordinate interest. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).] [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]
(2). A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this Article. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]
1999, c. 699, §A2 (NEW) . 1999, c. 699, §A4 (AFF) .