Section 1-9-622 - Effect of acceptance of collateral(a) 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) A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this article.Okla. Stat. tit. 12A, § 1-9-622
Added by Laws 2000 , SB 1519, c. 371, § 129, eff. 7/1/2001.Oklahoma Code Comment
Section 9-622 is a new provision that codifies the affect of the acceptance of collateral by the secured party in full or partial satisfaction of the obligation it secures. Section 9-622 includes agriculture liens.