Maryland Commercial Law Section 9-622

      (a)      A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

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

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

            (3)      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

            (4)      Terminates any other subordinate interest.

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