South Carolina Statutes
§ 36-9-622 — Effect of acceptance of collateral.
South Carolina § 36-9-622
This text of South Carolina § 36-9-622 (Effect of acceptance of collateral.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.C. Code Ann. § 36-9-622 (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 subsection (a), even if the secured party fails to comply with this chapter.
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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.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 36-9-622, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/9/36-9-622.