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Chapter 336
Section 336.9-622
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This is an historical version of this statute chapter. Also view the most recent published version.
336.9-622 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), even if the secured party fails to comply
with this article.
History: 2000 c 399 art 1 s 123
(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), even if the secured party fails to comply
with this article.
History: 2000 c 399 art 1 s 123
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Revisor of Statutes