Section 41-09-117 - (9-622) Effect of acceptance of collateral1. 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. A subordinate interest is discharged or terminated under subsection 1, even if the secured party fails to comply with this chapter.