South Dakota Statutes
§ 57A-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 Dakota § 57A-9-622 (Effect of acceptance of collateral.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2000, ch 231.
Nearby Sections
15
§ 57A-1-101
Short title.§ 57A-1-102
Scope of chapter.§ 57A-1-104
Construction against implied repeal.§ 57A-1-105
Severability.§ 57A-1-106
Use of singular and plural--Gender.§ 57A-1-107
Section captions.§ 57A-1-201
General definitions.§ 57A-1-202
Notice--Knowledge.§ 57A-1-203
Lease distinguished from security interest.§ 57A-1-204
Value.§ 57A-1-205
Reasonable time--Seasonableness.§ 57A-1-206
Presumptions.§ 57A-1-207
Central bank digital currency.