2010 New Hampshire Statutes
TITLE XXXIV-A UNIFORM COMMERCIAL CODE
CHAPTER 382-A UNIFORM COMMERCIAL CODE
Section 382-A:9-622 Effect of Acceptance of Collateral.

382-A:9-622 Effect of Acceptance of Collateral. –
       (a) Effect of acceptance. 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) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.

Source. 2001, 102:25, eff. July 1, 2001.