Oklahoma Statutes
§ 12A-1-9-622 — Effect of acceptance of collateral.
Oklahoma·Title 12A Uniform Commercial Code
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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Oklahoma § 12A-1-9-622 (Effect of acceptance of collateral.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Laws 2000, c. 371, § 129, eff. July 1, 2001.
Nearby Sections
15
§ 12A-1-101
Short titles.§ 12A-1-102
Scope of article.§ 12A-1-104
Construction against implicit repeal.§ 12A-1-106
Use of singular and plural - Gender.§ 12A-1-107
Section captions.§ 12A-1-108
Repealed§ 12A-1-108.1
Relationship to Electronic Signatures in Global and§ 12A-1-202
Notice - Knowledge.§ 12A-1-203
Lease distinguished from security interest.§ 12A-1-204
"Value".§ 12A-1-205
Reasonable time - Seasonableness.§ 12A-1-206
Presumptions.