Nevada § 104.9622 Effect of acceptance of collateral in satisfaction of obligation

Nevada Statutes

§ 104.9622 — Effect of acceptance of collateral in satisfaction of obligation

Nevada·Title 8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS·Ch. 104 Uniform· Default

1. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:

(a)Discharges the obligation to the extent consented to by the debtor;

(b)Transfers to the secured party all of a debtor’s rights in the collateral;

(c)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

(d)Terminates any other subordinate interest. 2. A subordinate interest is discharged or terminated under subsection 1 even if the secured party fails to comply with this article.

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1. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
(a) Discharges the obligation to the extent consented to by the debtor;
(b) Transfers to the secured party all of a debtor’s rights in the collateral;
(c) 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
(d) Terminates any other subordinate interest.
2. A subordinate interest is discharged or terminated under subsection 1 even if the secured party fails to comply with this article.

Nevada § 104.9622 (Effect of acceptance of collateral in satisfaction of obligation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.