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

Idaho Statutes

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

Idaho § 28-9-622

Title 28COMMERCIAL TRANSACTIONS

Part 6.DEFAULT

Ch. 9SECURED TRANSACTIONS

This text of Idaho § 28-9-622 (EFFECT OF ACCEPTANCE OF COLLATERAL) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 28-9-622 (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.