Idaho § 28-9-622 EFFECT OF ACCEPTANCE OF COLLATERAL

Idaho Statutes

§ 28-9-622 — EFFECT OF ACCEPTANCE OF COLLATERAL

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 6. DEFAULT·Ch. 9 SECURED TRANSACTIONS

(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.

Idaho § 28-9-622 (EFFECT OF ACCEPTANCE OF COLLATERAL) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.