South Carolina Statutes
§ 36-9-622 — 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), even if the secured party fails to comply with this chapter.
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South Carolina § 36-9-622 (Effect of acceptance of collateral.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2001 Act No. 67, SECTION 12.
Nearby Sections
15
§ 36-9-101
Short title.§ 36-9-102
Definitions and index of definitions.§ 36-9-104
Control of deposit account.§ 36-9-106
Control of investment property.§ 36-9-107
Control of letter-of-credit right.§ 36-9-108
Sufficiency of description.§ 36-9-109
Scope.§ 36-9-111
UCC lien satisfaction.§ 36-9-202
Title to collateral immaterial.