Tex. Bus. & Com. Code § 9.622

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 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), even if the secured party fails to comply with this chapter.

Tex. Bus. and Comm. Code § 9.622

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. 7/1/2001.