409.622 Effect of acceptance of collateral.
409.622
409.622 Effect of acceptance of collateral.409.622(1)
(1) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:409.622(1)(a)
(a) Discharges the obligation to the extent consented to by the debtor;409.622(1)(b)
(b) Transfers to the secured party all of a debtor's rights in the collateral;409.622(1)(c)
(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; and409.622(1)(d)
(d) Terminates any other subordinate interest.409.622(2)
(2) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under sub. (1), even if the secured party fails to comply with this chapter.409.622 - ANNOT.
History: 2001 a. 10.