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2018 Idaho Statutes
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 9 - SECURED TRANSACTIONS
Part 6 - DEFAULT
Section 28-9-622 - EFFECT OF ACCEPTANCE OF COLLATERAL.
Universal Citation: ID Code § 28-9-622 (2018)
28-9-622. EFFECT OF ACCEPTANCE OF COLLATERAL. (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) of this section, even if the secured party fails to comply with this chapter.
History:
[28-9-622, added 2001, ch. 208, sec. 2, p. 793.]
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