Oklahoma § 12A-1-9-622 Effect of acceptance of collateral.

Oklahoma Statutes

§ 12A-1-9-622 — Effect of acceptance of collateral.

Oklahoma § 12A-1-9-622

Title 12AUniform Commercial Code

This text of Oklahoma § 12A-1-9-622 (Effect of acceptance of collateral.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 12A, § 12A-1-9-622 (2026).

Text

EFFECT OF ACCEPTANCE OF COLLATERAL (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 article.

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EFFECT OF ACCEPTANCE OF COLLATERAL (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 article.