Ohio § 1309.622 Effect of acceptance of collateral - UCC 9-622

Ohio Statutes

§ 1309.622 — Effect of acceptance of collateral - UCC 9-622

Ohio § 1309.622

Title 13Commercial Transactions

Ch. 1309Secured Transactions

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Bluebook

Ohio Rev. Code Ann. § 1309.622 (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 division (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 division (A) of this section even if the secured party fails to comply with this chapter.