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2018 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 9 - Secured Transactions
Part 6 - Default
1. Default and Enforcement of Security Interest
§ 47-9-622. Effect of acceptance of collateral.
Universal Citation:
TN Code § 47-9-622 (2018)
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on the American Association of Law Libraries Universal Citation Guide and is not
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(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 chapter.
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