§ 6A-9-622 - Effect of acceptance of collateral. - Rhode-island Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-622

SECTION 6A-9-622

§ 6A-9-622 Effect of acceptance ofcollateral. – (a) Effect of acceptance. A secured party's acceptance of collateral infull or partial satisfaction of the obligation it secures:

(1) Discharges the obligation to the extent consented to bythe debtor;

(2) Transfers to the secured party all of a debtor's rightsin the collateral;

(3) Discharges the security interest or agricultural lienthat is the subject of the debtor's consent and any subordinate securityinterest or other subordinate lien; and

(4) Terminates any other subordinate interest.

(b) Discharge of subordinate interest notwithstandingnoncompliance. A subordinate interest is discharged or terminated undersubsection (a), even if the secured party fails to comply with this chapter.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-622

SECTION 6A-9-622

§ 6A-9-622 Effect of acceptance ofcollateral. – (a) Effect of acceptance. A secured party's acceptance of collateral infull or partial satisfaction of the obligation it secures:

(1) Discharges the obligation to the extent consented to bythe debtor;

(2) Transfers to the secured party all of a debtor's rightsin the collateral;

(3) Discharges the security interest or agricultural lienthat is the subject of the debtor's consent and any subordinate securityinterest or other subordinate lien; and

(4) Terminates any other subordinate interest.

(b) Discharge of subordinate interest notwithstandingnoncompliance. A subordinate interest is discharged or terminated undersubsection (a), even if the secured party fails to comply with this chapter.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-622

SECTION 6A-9-622

§ 6A-9-622 Effect of acceptance ofcollateral. – (a) Effect of acceptance. A secured party's acceptance of collateral infull or partial satisfaction of the obligation it secures:

(1) Discharges the obligation to the extent consented to bythe debtor;

(2) Transfers to the secured party all of a debtor's rightsin the collateral;

(3) Discharges the security interest or agricultural lienthat is the subject of the debtor's consent and any subordinate securityinterest or other subordinate lien; and

(4) Terminates any other subordinate interest.

(b) Discharge of subordinate interest notwithstandingnoncompliance. A subordinate interest is discharged or terminated undersubsection (a), even if the secured party fails to comply with this chapter.