(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 division (A) of this section even if the secured party fails to comply with this chapter.
Effective Date: 07-01-2001
Section: Previous 1309.615 1309.616 1309.617 1309.618 1309.619 1309.620 1309.621 1309.622 1309.623 1309.624 1309.625 1309.626 1309.627 1309.628 1309.702 NextLast modified: October 10, 2016