Utah Statutes
§ 70A-9a-622 — Effect of acceptance of collateral.
Utah·Title 70A Uniform Commercial Code·Ch. 70A-9a Uniform Commercial Code - Secured Transactions·Part 70A-9a-6 Default
(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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Legislative History
Enacted by Chapter 252, 2000 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.