2017 Missouri Revised Statutes
Title XXVI TRADE AND COMMERCE
Chapter 400 Uniform Commercial Code
Section 400.9-622 Effect of acceptance of collateral.
Effective 01 Jul 2001, see footnote
Title XXVI TRADE AND COMMERCE
Chapter 400400.9-622. 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), even if the secured party fails to comply with this article.
(L. 2001 S.B. 288)
Effective 7-01-01
