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2010 Florida Statutes
SECTION 622
Effect of acceptance of collateral.
Effect of acceptance of collateral.
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.