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The Florida Senate

2010 Florida Statutes

F.S. 679.622

Effect of acceptance of collateral.


A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:


Discharges the obligation to the extent consented to by the debtor;


Transfers to the secured party all of a debtor’s rights in the collateral;


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


Terminates any other subordinate interest.


A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this chapter.


s. 7, ch. 2001-198.