679.622 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 chapter.
History.—s. 7, ch. 2001-198.
Section: Previous 679.615 679.616 679.617 679.618 679.619 679.620 679.621 679.622 679.623 679.624 679.625 679.626 679.627 679.628 NextLast modified: September 23, 2016