Indiana § 26-1-9.1-622 Effect of acceptance of collateral

Indiana Statutes

§ 26-1-9.1-622 — Effect of acceptance of collateral

Indiana § 26-1-9.1-622

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-622 (Effect of acceptance of collateral) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-622 (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), even if the secured party fails to comply with IC 26-1-9.1.

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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), even if the secured party fails to comply with IC 26-1-9.1.