There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Article 9 Secured Transactions -- Sales of Accounts, Contract Rights, and Chattel Paper
355.9.622 Effect of acceptance of collateral.
Download pdf(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) of this section, even if the secured party fails to comply with this article. Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 140, effective July 1, 2001.
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