§ 70A-9a-622. Effect of acceptance of collateral.

Latest version.

(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

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');