IC 26-1-9.1-622 — Effect of acceptance of collateral
Chapter 9.1. Secured Transactions
Bills citing this section
Section text
Sec. 622. (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 subsection (a), even if the secured party fails to comply with IC 26-1-9.1.
As added by P.L.57-2000, SEC.45.
Source: official publisher (2026 edition)