There Is a Newer Version
of
the Pennsylvania Consolidated Statutes
2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 96 - Default
Section 9622 - Effect of acceptance of collateral
§ 9622. 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 which 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 division.
Cross References. Section 9622 is referred to in sections
9102, 9602, 9623 of this title.
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