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2012 Utah Code
Title 70A - Uniform Commercial Code
Article 9a - Uniform Commercial Code - Secured Transactions
Section 622 - Effect of acceptance of collateral.
Universal Citation:
UT Code ยง 70A-9a-622 (2012)
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70A-9a-622. Effect of acceptance of collateral.
(1) 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.
(2) A subordinate interest is discharged or terminated under Subsection (1), even if the secured party fails to comply with this title.
Enacted by Chapter 252, 2000 General Session
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