Arizona § 47-9622 Effect of acceptance of collateral

Arizona Statutes

§ 47-9622 — Effect of acceptance of collateral

Arizona § 47-9622

Title 47Arizona Revised Statutes

Ch. 9SECURED TRANSACTIONS

Art. 6Default

This text of Arizona § 47-9622 (Effect of acceptance of collateral) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 47-9622 (2026).

Text

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 of this section, even if the secured party fails to comply with this chapter.

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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 of this section, even if the secured party fails to comply with this chapter.