West Virginia § 46-9-622 Effect of acceptance of collateral

West Virginia Statutes

§ 46-9-622 — Effect of acceptance of collateral

West Virginia § 46-9-622

Ch. 46UNIFORM COMMERCIAL CODE

Art. 9SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL PAPER

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Bluebook

W. Va. Code § 46-9-622 (2026).

Text

(a)Effect of acceptance. 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)Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this article.

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(a) Effect of acceptance. 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) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this article.