Section 70A-9a-622 - 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;(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; and(d) 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 title.Enacted by Chapter 252, 2000 General Session .