(1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
(a) Discharges the obligation to the extent consented to by the debtor;
(b) Transfers to the secured party all of a debtor’s rights in the collateral;
(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
(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 chapter.
History.—s. 7, ch. 2001-198.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 679 - Uniform Commercial Code: Secured Transactions
Part VI - Default (Ss. 679.601-679.628)
679.602 - Waiver and variance of rights and duties.
679.603 - Agreement on standards concerning rights and duties.
679.604 - Procedure if security agreement covers real property or fixtures.
679.605 - Unknown debtor or secondary obligor.
679.606 - Time of default for agricultural lien.
679.607 - Collection and enforcement by secured party.
679.609 - Secured party’s right to take possession after default.
679.610 - Disposition of collateral after default.
679.611 - Notification before disposition of collateral.
679.612 - Timeliness of notification before disposition of collateral.
679.613 - Contents and form of notification before disposition of collateral; general.
679.615 - Application of proceeds of disposition; liability for deficiency and right to surplus.
679.616 - Explanation of calculation of surplus or deficiency.
679.617 - Rights of transferee of collateral.
679.618 - Rights and duties of certain secondary obligors.
679.619 - Transfer of record or legal title.
679.621 - Notification of proposal to accept collateral.
679.622 - Effect of acceptance of collateral.
679.623 - Right to redeem collateral.
679.625 - Remedies for failure to comply with article.
679.626 - Action in which deficiency or surplus is in issue.
679.627 - Determination of whether conduct was commercially reasonable.
679.628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.