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2016 Kentucky Revised Statutes
CHAPTER 355 - UNIFORM COMMERCIAL CODE
Article 9 - Secured Transactions -- Sales of Accounts, Contract Rights, and Chattel Paper
355.9-622 Effect of acceptance of collateral.

KY Rev Stat § 355.9-622 (2016) What's This?

Download as PDF 355.9-622 Effect of acceptance of collateral. (1) (2) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (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. 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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