Utah § 70A-9a-622 Effect of acceptance of collateral.

Utah Statutes

§ 70A-9a-622 — Effect of acceptance of collateral.

Utah § 70A-9a-622

Title 70AUniform Commercial Code

Ch. 70A-9aUniform Commercial Code - Secured Transactions

Part 70A-9a-6Default

This text of Utah § 70A-9a-622 (Effect of acceptance of collateral.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70A-9a-622 (2026).

Text

(1)A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1)(a) discharges the obligation to the extent consented to by the debtor;

(1)(b) transfers to the secured party all of a debtor's rights in the collateral;

(1)(c) 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

(1)(d) terminates any other subordinate interest.

(2)A subordinate interest is discharged or terminated under Subsection (1), even if the secured party fails to comply with this title.

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(1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1)(a) discharges the obligation to the extent consented to by the debtor;
(1)(b) transfers to the secured party all of a debtor's rights in the collateral;
(1)(c) 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
(1)(d) terminates any other subordinate interest.
(2) A subordinate interest is discharged or terminated under Subsection (1), even if the secured party fails to comply with this title.