Wash. Rev. Code § 62A.9A-622

Current through Chapter 376 of the 2024 Regular Session
Section 62A.9A-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) of this section, even if the secured party fails to comply with this Article.

RCW 62A.9A-622

2000 c 250 § 9A-622.