Colorado Statutes
§ 4-9-622 — Effect of acceptance of collateral
(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 article.
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Legislative History
Source: L. 2001: Entire article R&RE, p. 1416, � 1, effective July 1.
Nearby Sections
15
§ 4-1-101
Short titles§ 4-1-102
Scope of article§ 4-1-104
Construction against implied repeal§ 4-1-105
Severability§ 4-1-106
Use of singular and plural - gender§ 4-1-107
Captions§ 4-1-201
General definitions§ 4-1-202
Notice - knowledge§ 4-1-204
Value§ 4-1-205
Reasonable time - seasonableness§ 4-1-302
Variation by agreement§ 4-1-304
Obligation of good faith